On learning and growth

Leonard Mirman, Kevin Reffett () and Marc Santugini ()
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Kevin Reffett: Arizona State University
Marc Santugini: HEC Montreal

Economic Theory, 2016, vol. 61, issue 4, No 3, 684 pages

Abstract: Abstract We study optimal growth under learning. We extend the Mirman–Zilcha stochastic growth results characterizing optimal programs for general utility and production functions to the case of learning. We then use recursive methods to study the effect of learning on the dynamic program by considering the case of iso-elastic utility and linear production, for general distributions of the random shocks and beliefs (i.e., without the use of conjugate priors), for any horizon. Finally, we address the issue of experimentation by providing a solution to an infinite-horizon optimal dynamic program.

Keywords: Brock–Mirman environment; Dynamic programming; Euler equation; Experimentation; Learning; Optimal growth (search for similar items in EconPapers)
JEL-codes: D8 D9 E2 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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Working Paper: On Learning and Growth (2013)
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DOI: 10.1007/s00199-015-0948-x

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