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Anticipation effects of technological progress on capital accumulation: a vintage capital approach |
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| Authors: | Gustav Feichtinger Peter M Kort Vladimir M Veliov |
| Institution: | a Institute of Mathematical Methods in Economics, Vienna University of Technology, Argentinierstrasse 8, A-1040 Vienna, Austria b Department of Business Studies, University of Vienna, Brünnerstrasse 72, A-1210 Vienna, Austria c Department of Econometrics and Operations Research and CentER, Tilburg University, P.O. Box 90153, NL-5000 LE Tilburg, The Netherlands d Department of Economics, University of Antwerp, Prinsstraat 13, 2000 Antwerp 1, Belgium e Institute of Mathematics and Informatics, Bulgarian Academy of Sciences, BG-1113 Sofia, Bulgaria |
| Abstract: | Due to embodied technological progress new generations of capital goods are more productive. Therefore, in order to study the effects of technological progress, a model must be analyzed in which different generations of capital goods can be distinguished. We determine in what way the firm adjusts current investments to predictions of technological progress. In the presence of market power we show that a negative anticipation effect occurs, i.e. current investments in recent generations of capital goods decline when faster technological progress will take place in the future, because then it becomes more attractive to wait for new generations of capital goods. In case that only investments in new machines are possible, actually a whole wave of anticipation phases arises. |
| Keywords: | D92 O33 C61 |
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