Risk aversion , learning spillovers , and path - dependent economic growth *
نویسنده
چکیده
Each agent j [ 1, . . . , N receives an independent shock influencing her degree of risk aversion, then h j undertakes a risky or safe investment. Prior investment in ‘related’ industries reduces the uncertainty. The shock history and this intertemporal interaction determine the long-run growth rate. 2000 Elsevier Science S.A. All rights reserved.
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