"The adoption and diffusion of technological knowledge is generally regarded as a key element in a country's economic success. However, as is the case with most types of information, the transfer of technological knowledge is likely to be subject to adverse selection problems. In this paper we...

In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the...

Optimal R&D and technology adoption is modeled when an agency is present. Shareholders collectively acting as a board take decision about R&D investment. The outcome of R&D efforts is a new cost of production and it is a private information to the manager. Managers will have to expend some...