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Technology adoption and accumulation in a vintage-capital model |
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| Authors: | Emilio Barucci Fausto Gozzi |
| Institution: | (1) Present address: Department of Statistics and Mathematical Applications to Economics, University of Pisa, Via C. Ridolfi, 10, I-56124 Pisa, Italy;(2) Present address: Department of Mathematics, University of Pisa, Via Filippo Buonarroti 2, I-56124 Pisa, Italy |
| Abstract: | We present a model of capital accumulation and technology adoption in a vintage-capital framework. The model is an infinite-horizon/infinite-dimensional optimal control model: the firm employs a continuum of technologies (a continuum of heterogeneous capital goods). Capital goods are technology specific, their technology is related to vintage and technology progress. The entrepreneur maximizes the profits obtained by employing a continuum of technologies under the assumption of constant returns to scale and bearing adjustment costs for gross investments. The diffusion of a new technology is established by allowing the entrepreneur to invest in vintage capital goods. |
| Keywords: | capital accumulation heterogeneous capital goods vintage learning by doing technology adoption |
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