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Imperfect competition, technical progress and capital accumulation

✍ Scribed by Biancamaria D'Onofrio; Bertrand Wigniolle

Book ID
114826648
Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
131 KB
Volume
6
Category
Article
ISSN
1742-7355

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Imperfect information, Bayesian learning
Imperfect information, Bayesian learning, and capital accumulation
✍ Graziella Bertocchi; Yong Wang πŸ“‚ Article πŸ“… 1996 πŸ› Springer 🌐 English βš– 978 KB

This paper examines the consequences of informational imperfections for economic growth in an overlapping generations model in which agents learn the technological parameters in a Bayesian fashion. Under mild sufficient conditions, beliefs converge to the true value of the technological parameters.