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 |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://ciencia.iscte-iul.pt/id/ci-pub-22738 http://hdl.handle.net/10071/15144 |
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 economyBounded rationalityHeterogeneous agentsOptimal controlResearch activitiesVolatility and chaosResearch 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.Fundação Getúlio Vargas2018-02-12T11:53:11Z2006-01-01T00:00:00Z20062018-02-12T11:52:08Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://ciencia.iscte-iul.pt/id/ci-pub-22738http://hdl.handle.net/10071/15144eng0034-714010.1590/S0034-71402006000200001Gomes, O.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T18:01:04Zoai:repositorio.iscte-iul.pt:10071/15144Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:32:32.211621Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
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, O. Bounded rationality Heterogeneous agents Optimal control Research activities Volatility and chaos |
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, O. |
author_facet |
Gomes, O. |
author_role |
author |
dc.contributor.author.fl_str_mv |
Gomes, O. |
dc.subject.por.fl_str_mv |
Bounded rationality Heterogeneous agents Optimal control Research activities Volatility and chaos |
topic |
Bounded rationality Heterogeneous agents Optimal control Research activities Volatility and chaos |
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 |
2006-01-01T00:00:00Z 2006 2018-02-12T11:53:11Z 2018-02-12T11:52:08Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ciencia.iscte-iul.pt/id/ci-pub-22738 http://hdl.handle.net/10071/15144 |
url |
https://ciencia.iscte-iul.pt/id/ci-pub-22738 http://hdl.handle.net/10071/15144 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0034-7140 10.1590/S0034-71402006000200001 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Fundação Getúlio Vargas |
publisher.none.fl_str_mv |
Fundação Getúlio Vargas |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799134886880083968 |