Silverberg, Gerald; Yildizoglu, Murat - Groupe de Recherche en Économie Théorique et … - 2002
We test the robustness of the main growth mechanisms of the original Aghion & Howitt model by relaxing two central assumptions: the homogeneity of the agents and perfect foresight. To this end, we introduce boundedly rational firms in the R&D sector that are capable of learning. Our first...