Rendón, Silvio - Department of Economics and Business, Universitat … - 2002
This paper analyzes the problem of matching heterogeneous agents in a Bayesian learning model. One agent gives a noisy … cross-matching occurs, so that agents of low knowledge catch up with those of higher one. It is shown that: (i) a greater … informational component in production makes cross-matching more likely; (ii) as the new technology is mastered, production becomes …