Growth Models with Social Constant Returns

Knowledge Accumulation and Chaotic Business Cycles RESEARCH PAPER

Within two-sector growth models, with physical goods and human capital produced under distinct technologies, a process of knowledge obsolescence/depreciation that is similar to the depreciation process of physical goods is generally considered. As a consequence, the long-term rate of per capita growth of the main economic aggregates is constant over time. This rate can be endogenously determine...

Perfectly Competitive Innovation

We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth under constant cannot model technological innovation. Current models of endogenous innovation rely on the interplay between increasing returns and monopolistic markets. In fact, established wisdom claims monopoly power to be instrumental for innovation and sees the non-rivalrous ...

Characterizing and finding full dimensional efficient facets of PPS with constant returns to scale technology

Solow meets Shapley

We present a Solow-type growth model without constant returns. The population is heterogeneous with respect to capital per head, rate of saving, depreciation, and growth. We employ a continuous version of the Shapley value to divide total output among the di¤erent groups. In contrast to the standard Solow model, or its endogenous growth manifestation (labelled AK-type growth models), there may ...

Robust efficiency in data envelopment analysis with VRS technology

One of the fundamental problems in the classic DEA is lack of ability to distinguish unit's performance scores that is considered as a disadvantage. Recently, Parkan et al. [9] tried to address this problem.   They proposed to assess each unit both optimistic and pessimistic views are taken into account. In contrast to traditional evaluation, one index is considered for each unit based on the l...