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EnglishThe process aimed at discovering new ideas is an economic activity whose returns are intrinsically uncertain. In this paper we extend the standard neo-Schumpeterian growth framework to investigate the role of strong uncertainty in the innovative process. In particular, we assume that, when deciding upon R&D efforts, investors hold `ambiguous beliefs' about the exact probability of arrival of the next vertical innovation, and face ambiguity via the α-MEU decision rule (Ghirardato et al. (2004)). Along the steady-state equilibrium, the higher the agents' ambiguity aversion (α), the lower the R&D efforts and, coeteris paribus, the overall economic performance. Consistent with cross-country empirical evidence, this causal mechanism suggests that, together with the profitability conditions of the economy, different `cultural' attitudes towards ambiguity may help explain the different R&D efforts observed across countries.
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| Titolo: | Ambiguity Attitude, R&D Investments and Economic Growth |
| Autori: | |
| Data di pubblicazione: | 2008 |
| Abstract: | The process aimed at discovering new ideas is an economic activity whose returns are intrinsically uncertain. In this paper we extend the standard neo-Schumpeterian growth framework to investigate the role of strong uncertainty in the innovative process. In particular, we assume that, when deciding upon R&D efforts, investors hold `ambiguous beliefs' about the exact probability of arrival of the next vertical innovation, and face ambiguity via the α-MEU decision rule (Ghirardato et al. (2004)). Along the steady-state equilibrium, the higher the agents' ambiguity aversion (α), the lower the R&D efforts and, coeteris paribus, the overall economic performance. Consistent with cross-country empirical evidence, this causal mechanism suggests that, together with the profitability conditions of the economy, different `cultural' attitudes towards ambiguity may help explain the different R&D efforts observed across countries. |
| Handle: | http://hdl.handle.net/11385/39261 |
| Appare nelle tipologie: | 05.1 - Working Paper |
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