Arbeitspapier
Exploitation, exploration and innovation in a model of endogenous growth with locally interacting agents
The paper presents a model of endogenous growth in which firms are modeled as boundedly-rational, locally interacting, agents. Firms produce a homogeneous good employing technologies located in an open-ended technological space and are allowed to either imitate existing, similar practices or to locally explore the technological space to find new, more productive techniques. We first identify sufficient conditions for the emergence of empirically plausible GNP time-series characterized by self-sustained growth. Then, we study the trade-off between individual rationality and collective outcomes by providing an example in which more rational agents systematically perform worse than less rational ones.
- Language
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Englisch
- Bibliographic citation
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Series: LEM Working Paper Series ; No. 2002/25
- Classification
-
Wirtschaft
- Subject
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Innovation
Endogenous Growth
Local Interactions
Exploration vs. Exploitation
- Event
-
Geistige Schöpfung
- (who)
-
Fagiolo, Giorgio
Dosi, Giovanni
- Event
-
Veröffentlichung
- (who)
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Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
- (where)
-
Pisa
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
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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
- Fagiolo, Giorgio
- Dosi, Giovanni
- Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
Time of origin
- 2003
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