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Race Meets Bargaining in Product Development
In: CESifo Working Paper No. 8109
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Working paper
CAPITAL MAINTENANCE AS A KEY DEVELOPMENT TOOL
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 57, Heft 5, S. 547-567
ISSN: 1467-9485
We construct optimal growth models where labor resources can be allocated either to production, technology adoption or capital maintenance. We first characterize the balanced growth paths of a benchmark model without maintenance. Then we introduce maintenance activity via the depreciation rate of capital. We characterize the optimal allocation of labor across the three activities. Although maintenance deepens the technological gap by diverting labor resources from adoption, we show that it generally increases the long run output level. Moreover, we find that equilibrium maintenance and adoption efforts respond in opposite directions to policy or technology shocks. Finally, we find that the long-term output response to policy shocks is slightly higher in the presence of maintenance. Adapted from the source document.
Tullock Brings Perseverance and Suspense to Tug-of-War
In: CESifo Working Paper No. 8103
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Optimal timing of regime switching in optimal growth models: A Sobolev space approach
In: Mathematical social sciences, Band 61, Heft 2, S. 97-103
Effort Comparisons for a Class of Four-Player Tournaments
In: CESifo Working Paper No. 8761
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Working paper
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