We study a buyer's optimal investment strategy for new technologies when costs evolve stochastically and are private information to the suppliers. In a continuous time setting, we show how the asymmetric information on the stochastic variables leads to delays in investment compared to the real...

How does risk or uncertainty in the productivity of research affect the growth rate of the economy? To answer this question, a model of endogenous technological change is used where sustained growth stems from intentional investments in R&D from profit-maximizing firms. The uncertainty arises...

This paper analyses optimal investments in innovation when dealing with a stringent climate target and with the uncertain effectiveness of Ramp;D. The innovation needed to achieve the deep cut in emissions is modelled by a backstop carbon-free technology whose cost depends on Ramp;D investments....

Der Beitrag befasst sich mit der Frage, welche Potenziale die Nanotechnologie für eine lange Welle des ökonomischen Fortschritts birgt. Nach Betrachtung ihrer verschiedenen sozioökonomischen Dimensionen kann festgehalten werden, dass die Nanotechnologie zu Recht als eine Schlüsselinnovation...