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Collective Learning, Innovation and Growth in a Boundedly Rational, Evolutionary World

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  • Silverberg, Gerald
  • Verspagen, Bart

Abstract

We formulate a simple multiagent evolutionary scheme as a model of collective learning, i.e., a situation in which firms experiment, interact, and learn from each other. This scheme is then applied to a stylized endogenous growth economy in which firms have to determine how much to invest in R&D, where innovations are the stochastic product of their R&D activity, spillovers occur, but technological advantages are only relative and temporary and innovations actually diffuse, both at the intra- and interfirm levels. The model demonstrates both the existence of a unique long-run growth attractor (in the linear case) and distinct growth phases on the road to that attractor. We also compare the long-run growth patterns for a linear and a logistic innovation function, and produce some evidence for a bifurcation in the latter case.

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  • Silverberg, Gerald & Verspagen, Bart, 1994. "Collective Learning, Innovation and Growth in a Boundedly Rational, Evolutionary World," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 207-226, September.
    • Handle: RePEc:spr:joevec:v:4:y:1994:i:3:p:207-26
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