The stability of cyclical growth within the context of a model in Matsuyama (1999) is examined. It is shown that but for an extreme situation, the two-cycles are unique and a range of parameter values which imply the stability of such cyclical growth is derived. The growth enhancing property of...

Es wird das Konzept für ein makroökonomisches Strukturmodell mit integriertem Innovationsprozesskern zur Analyse und Projektion der Wirtschaftsentwicklung in Deutschland vorgestellt. Das geplante Modell soll explizit die Auswirkungen des immer bedeutsamer werdenden IuK-technologischen...

In this paper I propose a novel abstract mechanism for the creation and diffusion of knowledge and use an agent based modelling approach to explore it. The mechanism takes into account the relation between the phenomena that agents attempt to explain and the stocks of knowledge available in a...

Managers entrusted with new product development (NPD) have to seek the optimal balance between prior competencies and learning activities to generate successful products. Yet prior NPD research has largely taken a positivistic view of learning despite an inkling that too much learning can lead...

Motivated by the rise of social media, we build a model studying the effect of an economy's potential for social learning on the adoption of innovations of uncertain quality. Provided consumers are forward-looking (i.e., recognize the value of waiting for information), equilibrium dynamics...

We do two things in this paper. First, we put forward some elements of a microeconomic theory of technological evolution. This involves adding nascent (essentially undiscovered) technologies to the existing technologies of neoclassical production theory, and, more importantly, expanding the...

We propose a theory of rational "Rush", emphasizing the quantity of rational over-investment in contrast to the theory of irrational price "Bubble". We illustrate an important friction when financing breakthrough innovations: non-excludability and spillover of uncertain knowledge due to...

I present a model of optimal learning for creativity generation in a field. Individuals decide what to learn in order to maximize the expected value of their creative contribution. The field is structured as a partially ordered set that defines concept hierarchies and relationships among...