A comment on innovation with multiple equilibria and “The environment and directed technical change”

Anthony Wiskich

doi:10.1016/j.eneco.2020.105077

A comment on innovation with multiple equilibria and “The environment and directed technical change”

Anthony Wiskich^*

^*Corresponding author for this work

Indonesia Project

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

Abstract

The framework used to endogenise technology growth by Acemoglu et al. (2012) can exhibit increasing returns to research and hence multiple equilibria, including an unstable interior equilibrium. This paper discusses several selection methods of determining which equilibrium applies. Alternative methods can produce substantially different results when the elasticity of substitution between clean and dirty inputs is high. (JEL O33, O44, Q54, Q56, Q58).

Original language	English
Article number	105077
Journal	Energy Economics
Volume	94
DOIs	https://doi.org/10.1016/j.eneco.2020.105077
Publication status	Published - Feb 2021

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abstract = "The framework used to endogenise technology growth by Acemoglu et al. (2012) can exhibit increasing returns to research and hence multiple equilibria, including an unstable interior equilibrium. This paper discusses several selection methods of determining which equilibrium applies. Alternative methods can produce substantially different results when the elasticity of substitution between clean and dirty inputs is high. (JEL O33, O44, Q54, Q56, Q58).",

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KW - Directed technical change

KW - Innovation policy

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A comment on innovation with multiple equilibria and “The environment and directed technical change”

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