Batabyal, Amitrajeet A.; Nijkamp, Peter - In: International Regional Science Review 35 (2012) 3, pp. 339-361
. In the deterministic model, R&D in time t surely leads to an innovation in time t + 1. In this setting, the authors show … hence achieves a larger size of innovation and a higher growth rate. Next, in the stochastic model, R&D in time t … probabilistically leads to an innovation in time t + 1. In this setting, the authors first define the equilibrium and the steady state …