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IRIS è il sistema di gestione integrata dei dati della ricerca adottato dalla Luiss Guido Carli. Il Catalogo dei prodotti della ricerca della Luiss raccoglie e rende disponibile, dove possibile nel rispetto del diritto d'autore, la produzione scientifica dei docenti e ricercatori dell'Ateneo. Il Catalogo alimenta inoltre i siti docenti del MIUR.
EnglishWe provide a re-foundation of the symmetric growth equilibrium characterizing the research sector of all vertical R&D-driven growth models. This result does not rely on the usual assumption of a symmetric expectation on the future per-sector R&D expenditure. Indeed, with this structure of expectations, returns in R&D are equalized, and agents turn out to be indifferent as to where targeting research: hence, the problem of the allocation of R&D investments across sectors is indeterminate. In line with the `true' Schumpeterian perspective, we solve this indeterminacy by allowing for decision makers strictly uncertain about the future per-sector distribution of R&D efforts. By using the Gilboa-Schmeidler's MEU decision rule, we prove that the symmetric structure of R&D investment is the unique rational expectations (RE) equilibrium compatible with uncertainty-averse agents adopting a maximin strategy.
An Uncertainty-Based Explanation of Symmetric Growth in Schumpeterian Growth Models / Cozzi, Guido; Giordani, Paolo; Zamparelli, Luca. - No. 06-08:(2006).
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| Titolo: | An Uncertainty-Based Explanation of Symmetric Growth in Schumpeterian Growth Models | |
| Autori: | ||
| Data di pubblicazione: | 2006 | |
| Citazione: | An Uncertainty-Based Explanation of Symmetric Growth in Schumpeterian Growth Models / Cozzi, Guido; Giordani, Paolo; Zamparelli, Luca. - No. 06-08:(2006). | |
| Abstract: | We provide a re-foundation of the symmetric growth equilibrium characterizing the research sector of all vertical R&D-driven growth models. This result does not rely on the usual assumption of a symmetric expectation on the future per-sector R&D expenditure. Indeed, with this structure of expectations, returns in R&D are equalized, and agents turn out to be indifferent as to where targeting research: hence, the problem of the allocation of R&D investments across sectors is indeterminate. In line with the `true' Schumpeterian perspective, we solve this indeterminacy by allowing for decision makers strictly uncertain about the future per-sector distribution of R&D efforts. By using the Gilboa-Schmeidler's MEU decision rule, we prove that the symmetric structure of R&D investment is the unique rational expectations (RE) equilibrium compatible with uncertainty-averse agents adopting a maximin strategy. | |
| Handle: | http://hdl.handle.net/11385/39260 | |
| Appare nelle tipologie: | 05.1 - Working Paper |
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| dp06-08[1].pdf | Documento in Pre-print | DRM non definito | Open Access Visualizza/Apri |
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