文章基本信息

标题：Ambiguity attitude, R&D investments and economic growth
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作者：Guido Cozzi ; Paolo E. Giordani
期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2008
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：The process aimed at discovering new ideas is an economic activity whose returns are intrinsically uncertain. In a standard neo-Schumpeterian growth framework we assume that, when deciding upon R&D e¡èorts, economic agents hold .ambiguous beliefs.about the exact probability of arrival of the next ver- tical innovations, and face ambiguity via the ..MEU decision rule (Ghirardato et al. (2004)). Along the steady-state equilibrium the higher the agents.ambi- guity aversion ( ), the lower the R&D e¡èorts and, coeteris paribus, the overall economic performance. Consistently with a cross-country empirical evidence, this causal mechanism suggests that, together with the pro.tability conditions of the economy, di¡èerent .cultural.attitudes towards ambiguity may contribute to explain the di¡èerent R&D intensities observed across countries.
关键词：Schumpeterian growth, ambiguity, cultural attitude towards Ambiguity, arrival rate of innovation, R&D investments.