We analyze the relationship between imperfect competition and capital accumulation in a dual economy, with traditional and modern sectors and two types of agents (workers and capitalists). Workers allocate their time endowment between the two sectors. Capitalists accumulate wealth in the modern...

This paper presents an overlapping-generations model with altruistic consumers, in which pension funds, by holding a significant share of capital assets, produce noncompetitive behavior. We study the consequences of such behavior for capital accumulation and welfare in the long run when...

The purpose of the present paper is to describe the role of uncertainty and technical change in an environmental context. Which impact does ecological uncertainty have on physical and R&D investments' decisions? How are pollution trajectories modified when uncertainty is taken into account? To...

The productivity paradox has sparked a great deal of research during the past three decades. Unfortunately, neither the results of empirical research nor the theoretical explanations for the paradox provide a convincing answer to whether investments in information and communication technology...

In many industries, competition is far from perfect and managerial efficiency (or a fixed cost) varies among firms. However, traditional measurement of technological progress assumes perfect competition and no fixed cost. This paper incorporates these two factors in the technological-progress...

This paper explores the consequences of imperfect competition on capital accumulation. The framework is an OLG growth model with altruistic agents. Two types of long run equilibria exist : egoistic or altruistic. We assume both competitive and non-competitive firms exist, the latter being...

This paper explores the consequences of imperfect competition on capital accumulation. The framework is an OLG growth model with altruistic agents. Two types of long run equilibria exist: egoistic or altruistic. We assume both competitive and non-competitive firms exist, the latter being endowed...

Using US data for the period 1959-2007, we identify sectoral productivity shocks and capital investment-specific shocks by employing a Vector Autoregression whose shock structure is disciplined by a general equilibrium model. Controlling for real and nominal factors, we find that capital...

In a continuous time model with stochastic demand, two firms compete in R&D, with the lead patent affecting the probability of success of a second innovation competing in the same product market; the size and direction of this effect characterize the level of appropriability. From this...