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| Author: | Jovanovic, B. Nyarko, Y. |
| Title: | Learning by doing and the choice of technology |
| Journal: | Econometrica
1996 : NOV, VOL. 64:6, p. 1299-1310 |
| Index terms: | HUMAN CAPITAL LEARNING GROWTH TECHNOLOGY PRODUCTIVITY |
| Language: | eng |
| Abstract: | This is a one-agent Bayesian model of learning by doing and technology choice. The more the agent uses a technology, the better he learns its parameters, and the more productive he gets. This expertise is a form of human capital. Any given technology has bounded productivity, which therefore can grow in the long run only if the agent keeps switching to better technologies. But a switch of technologies temporarily reduces expertise. The prospect of a productivity drop may prevent the agent from climbing the technological ladder as quickly as he might. |
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