The refoundation of the symmetric equilibrium in Schumpeterian growth models |
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Authors: | Guido Cozzi Paolo E Giordani Luca Zamparelli |
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Institution: | a University of Rome “La Sapienza”, Italy b University of Macerata, via Crescinbeni 20, 62100 Macerata, Italy c European University Institute, Via delle Fontanelle 10, 50016 Florence, Italy d New School for Social Research, 80 Fifth Avenue, Room 518, 10011, New York, NY, USA |
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Abstract: | We provide a refoundation of the symmetric growth equilibrium characterizing the research sector of vertical R&D-driven growth models. We argue that the usual assumptions made in this class of models leave the agents indifferent as to where targeting research: hence, the problem of the allocation of R&D investment across sectors is indeterminate. By introducing an “?-contamination of confidence” in the expected distribution of R&D investment, we prove that the symmetric structure of R&D investment is the unique rational expectations equilibrium compatible with ambiguity-averse agents adopting a maxmin strategy. |
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Keywords: | 032 041 D81 |
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