Risk aversion, learning spillovers, and path-dependent economic growth (Q1575389)
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scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Risk aversion, learning spillovers, and path-dependent economic growth |
scientific article |
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Risk aversion, learning spillovers, and path-dependent economic growth (English)
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21 August 2000
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Each agent \(j\in\) receives an independent shock influencing her degree of risk aversion, then 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.
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nonergodic
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local interaction
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risk aversion
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