Arbeitspapier
Endogenous Technological Change under Uncertainty
How does risk or uncertainty in the productivity of research affect the growth rate of the economy? To answer this question, a model of endogenous technological change is used where sustained growth stems from intentional investments in R&D from profit-maximizing firms. The uncertainty arises from the productivity of these investments in R&D. The main result of this analysis is that the relationship between long-run growth and uncertainty (on the productivity of knowledge creation) depends on two main factors - the returns to scale in knowledge creation (increasing or non-increasing) and the value of the elasticity of intertemporal substitution (higher or lower than some critical value).Based on empirical studies on the returns to scale in knowledge creation (non-increasing) and the value of the elasticity of intertemporal substitution (higher than the critical value), we expect a negative relationship between long-run growth and uncertainty regarding the productivity of knowledge creation.
- Language
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Englisch
- Bibliographic citation
-
Series: Tinbergen Institute Discussion Paper ; No. 02-047/2
- Classification
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Wirtschaft
- Subject
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Long-run growth
Technological change
Uncertainty.
Endogener technischer Fortschritt
Industrieforschung
Produktivität
Risiko
Neue Wachstumstheorie
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
de Hek, Paul A.
- Event
-
Veröffentlichung
- (who)
-
Tinbergen Institute
- (where)
-
Amsterdam and Rotterdam
- (when)
-
2002
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- de Hek, Paul A.
- Tinbergen Institute
Time of origin
- 2002
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