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Technological change in resource extraction and endogenous growth

Stuermer, Martin; Schwerhoff, Gregor - University of Bonn, Germany - 2013

We add an extractive sector to an endogenous growth model of expanding varieties and directed technological change. Extractive rms reduce the stock of non-renewable resources through extraction, but also increase the stock through R&D investment in extraction technology. Our model replicates...

Persistent link: https://www.econbiz.de/10010735015

Satiation and Underdevelopment

Funk, Peter - University of Bonn, Germany - 1994

In this article we show how absolute poverty and per capita growth can be sustained simultaneously in a fully integrated world economy even in the absence of population growth. In contrast to the literature we use a model of endogenously sustained growth in which not only the intensity of...

Persistent link: https://www.econbiz.de/10004968177

Asset Bubbles, Pay-As-You-Go Systems and Dynamic Efficiency

Lang, Günther - University of Bonn, Germany - 1993

This paper deals with the role of bubbles, having the same meaning as Ponzi games, for implementing efficient growth paths in a closed economy overlapping generations model. It is shown that the well-known arbitrage condition for bubbles, namely that they must yield the same return in...

Persistent link: https://www.econbiz.de/10004968195

Economic Growth and Social Poverty: The Evolution of Social Participation

Antoci, Angelo; Sacco, Pier Luigi; Vanin, Paolo - University of Bonn, Germany - 2001

We develop an evolutionary model of growth in which agents choose how to allocate their time between private and social activities. We argue that a shift from social to private activities may foster market-based growth, but also generate social poverty. Within a formal framework that merges a...

Persistent link: https://www.econbiz.de/10004968349

Why Imitate, and if so, How? A Bounded Rational Approach to Multi-Armed Bandits

Schlag, Karl H. - University of Bonn, Germany - 1995

that outperforms all other rules with this property is the one that specifies imitation of the action of an individual that …

Persistent link: https://www.econbiz.de/10004968204

Why Imitate, and if so, How? Exploring a Model of Social Evolution

Schlag, Karl H. - University of Bonn, Germany - 1994

In consectutive rounds, each agent in a finite population chooses an action, is randomly matched, obtains a payoff and then observes the performance of another agent. An agent determines future behavior based on the information she receives from the present round. She chooses among the...

Persistent link: https://www.econbiz.de/10004968295

Submodularity and the Evolution of Walrasian Behavior

Schipper, Burkhard - University of Bonn, Germany - 2002

Vega-Redondo (1997) showed that imitation leads to the Walrasian outcome in Cournot Oligopoly. We generalize his result …

Persistent link: https://www.econbiz.de/10004968379

Rage Against the Machines: How Subjects Learn to Play Against Computers

Dürsch, Peter; Kolb, Albert; Oechssler, Jörg; … - University of Bonn, Germany - 2005

play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those … and that all learning algorithms are subject to exploitation with the notable exception of imitation. The experiment was …

Persistent link: https://www.econbiz.de/10004968388

Traits, Imitation, and Evolutionary Dynamics

Schnedler, Wendelin - University of Bonn, Germany - 2003

In this article, a modelling framework for the information transmission between agents in an evolutionary game setting is proposed. Agents observe traits which reaect past and present behaviour and success of other agents. If agents imitate more successful agents based on these traits, the...

Persistent link: https://www.econbiz.de/10004968431

Imitation - Theory and Experimental Evidence

Apesteguia, Jose; Huck, Steffen; Oechssler, Jörg - University of Bonn, Germany - 2003

We introduce a generalized theoretical approach to study imitation models and subject the models to rigorous … experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are due to … the generalized imitation model predicts the differences between treatments well. The data also provide support for …

Persistent link: https://www.econbiz.de/10004968437