Competing R&D Strategies in an Evolutionary Industry Model

Murat Yildizoglu

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Abstract: This article aims to test the relevance of learning throughgenetic algorithms, in contrast to fixed R&D rules, in a simplifiedversion of the evolutionary industry model of Nelson and Winter.These two R&D strategies arecompared from the points of view of industry performance(welfare) and firms' relative performance (competitive edge):simulations results clearly show that learning is a source oftechnological and social efficiency as well as a means formarket domination.

Keywords: bounded rationality; genetic algorithms; industry dynamics; innovation; learning (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (14)

Published in Computational Economics, 2002, 19, pp.51-65

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Related works:
Journal Article: Competing R&D Strategies in an Evolutionary Industry Model (2002)
Working Paper: Competing R&D Strategies in an Evolutionary Industry Model (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00125105

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