Heterogeneous Researchers in a Two-Sector Representative Consumer Economy
Autor(a) principal: | |
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Data de Publicação: | 2006 |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista Brasileira de Economia (Online) |
Texto Completo: | https://periodicos.fgv.br/rbe/article/view/916 |
Resumo: | Research activities have uncertain outcomes. The question asked in this paper is whether or not this uncertainty can be a central piece on the explanation of long run consumption growth paths. More specifically, we inquire how the existence of different research projects, with different degrees of uncertainty, contributes to unpredictable consumption growth paths. The proposed scenario is a two-sector representative consumer model with researchers that invest in different innovation projects. There is heterogeneity in terms of risk associated to research programs (researchers invest in projects with the same expected outcome but different volatility). This difference in volatility, combined with an adaptive learning – bounded rationality rule, implies an aggregate index of technology and a consumption growth rate that do not present a predictable pattern over time. |
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Heterogeneous Researchers in a Two-Sector Representative Consumer EconomyResearch activities have uncertain outcomes. The question asked in this paper is whether or not this uncertainty can be a central piece on the explanation of long run consumption growth paths. More specifically, we inquire how the existence of different research projects, with different degrees of uncertainty, contributes to unpredictable consumption growth paths. The proposed scenario is a two-sector representative consumer model with researchers that invest in different innovation projects. There is heterogeneity in terms of risk associated to research programs (researchers invest in projects with the same expected outcome but different volatility). This difference in volatility, combined with an adaptive learning – bounded rationality rule, implies an aggregate index of technology and a consumption growth rate that do not present a predictable pattern over time.EGV EPGE2006-11-14info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/916Revista Brasileira de Economia; Vol. 60 No. 2 (2006); 113-132Revista Brasileira de Economia; v. 60 n. 2 (2006); 113-1321806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVengporhttps://periodicos.fgv.br/rbe/article/view/916/61https://periodicos.fgv.br/rbe/article/view/916/510Gomes, Orlandoinfo:eu-repo/semantics/openAccess2009-01-07T17:52:38Zoai:ojs.periodicos.fgv.br:article/916Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:02:55.637850Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true |
dc.title.none.fl_str_mv |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
title |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
spellingShingle |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy Gomes, Orlando |
title_short |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
title_full |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
title_fullStr |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
title_full_unstemmed |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
title_sort |
Heterogeneous Researchers in a Two-Sector Representative Consumer Economy |
author |
Gomes, Orlando |
author_facet |
Gomes, Orlando |
author_role |
author |
dc.contributor.author.fl_str_mv |
Gomes, Orlando |
description |
Research activities have uncertain outcomes. The question asked in this paper is whether or not this uncertainty can be a central piece on the explanation of long run consumption growth paths. More specifically, we inquire how the existence of different research projects, with different degrees of uncertainty, contributes to unpredictable consumption growth paths. The proposed scenario is a two-sector representative consumer model with researchers that invest in different innovation projects. There is heterogeneity in terms of risk associated to research programs (researchers invest in projects with the same expected outcome but different volatility). This difference in volatility, combined with an adaptive learning – bounded rationality rule, implies an aggregate index of technology and a consumption growth rate that do not present a predictable pattern over time. |
publishDate |
2006 |
dc.date.none.fl_str_mv |
2006-11-14 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Articles Artigos |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.fgv.br/rbe/article/view/916 |
url |
https://periodicos.fgv.br/rbe/article/view/916 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://periodicos.fgv.br/rbe/article/view/916/61 https://periodicos.fgv.br/rbe/article/view/916/510 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
EGV EPGE |
publisher.none.fl_str_mv |
EGV EPGE |
dc.source.none.fl_str_mv |
Revista Brasileira de Economia; Vol. 60 No. 2 (2006); 113-132 Revista Brasileira de Economia; v. 60 n. 2 (2006); 113-132 1806-9134 0034-7140 reponame:Revista Brasileira de Economia (Online) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Revista Brasileira de Economia (Online) |
collection |
Revista Brasileira de Economia (Online) |
repository.name.fl_str_mv |
Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
||rbe@fgv.br |
_version_ |
1798943112322613248 |