Equilibrium Imitation and Growth

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DC Field	Value	Language
dc.contributor.author	Perla, Jesse	-
dc.contributor.author	Tonetti, Christopher	-
dc.date.accessioned	2012-05-01T14:32:39Z	-
dc.date.available	2012-05-01T14:32:39Z	-
dc.date.issued	2012-05-01T14:32:39Z	-
dc.identifier.uri	http://hdl.handle.net/2451/31544	-
dc.description.abstract	The least productive agents in an economy can be vital in generating growth by spurring technology diffusion. We develop an analytically tractable model where growth is created as a positive externality from risk taking by firms at the bottom of the productivity distribution imitating more productive firms. Heterogeneous firms choose to produce or pay a cost and search within the economy to upgrade their technology. Sustained growth comes from the feedback between the endogenously determined distribution of productivity, as evolved by past search decisions, and an optimal forward looking search policy. The growth rate depends on characteristics of the productivity distribution, with a thicker tailed distribution leading to more growth.	en
dc.language.iso	en_US	en
dc.rights	Copyright Jesse Perla and Christopher Tonetti, 2012.	en
dc.subject	Endogenous Growth	en
dc.subject	Productivity Distribution	en
dc.subject	Firm Heterogeneity	en
dc.subject	Technology Diﬀusion	en
dc.subject	Search	en
dc.title	Equilibrium Imitation and Growth	en
dc.type	Working Paper	en
dc.authorid-ssrn	17597	en
Appears in Collections:	Economics Working Papers

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