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| Author: | Richards, G.R. |
| Title: | A simulation model with endogenous technical advance: information technology and increasing returns from research |
| Journal: | Technological Forecasting and Social Change
2002 : JAN, VOL. 69:1, p. 29-51 |
| Index terms: | INFORMATION TECHNOLOGY PRODUCTION FUNCTIONS R&D SIMULATION TECHNOLOGY |
| Language: | eng |
| Abstract: | This paper builds a simulation model in which technological advance is stochastic, and largely endogenous. Technology consists of two main components, research and development (R&D) and residual technical advance. R&D comprises a government-funded component, which is treated as exogenous, and a component funded by private industry, which is determined within the model. Industry-funded R&D is modeled as analogous to a stock of capital: investments depend on the rental price, or user cost of research, and the accelerator. |
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