English, Article, Journal or magazine article edition: An Uncertainty-Based Explanation of Symmetric Cozzi, Guido; Giordani, Paolo; Zamparelli, Luca

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Bookmark: http://trove.nla.gov.au/version/42933
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • An Uncertainty-Based Explanation of Symmetric
Author
  • Cozzi, Guido
  • Giordani, Paolo
  • Zamparelli, Luca
Physical Description
  • preprint
Notes
  • 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.
  • RePEc:xrs:sfbmaa:06-08
Language
  • English
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