Publication: A class of learning by doing model with multiplicative uncertainty: economic implications
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1997
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Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
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Abstract
Learning by doing denotes the cost reduction in production that firms achieve with their output. We check if the known properties of deterministic models, concerning the behaviour of the finns, hold under uncertainty. A discrete time and finite horizon model is considered: a monopolist, facing a linear demand, maximizes the expected profit flow, with multiplicative uncertainty on the cost reduction and an upper bound for this reduction. We show analytically that some properties do hold and some others do not.
Learning by doing denota la reducción de costes de producción que las empresas logran mediante la experiencia. Se analiza si las propiedades conocidas para modelos determinísticos, relativas al comportamiento óptimo de las empresas, se mantienen bajo incertidumbre. Se considera un modelo en tiempo discreto y horizonte finito. Un monopolista, enfrentado a una demanda lineal, maximiza el flujo esperado de beneficios, con incertidumbre multiplicativa en la reducción de costes y un límite superior en esta reducción. Se prueba analíticamente que algunas propiedades del caso determinístico se mantienen bajo incertidumbre y otras no.
Learning by doing denota la reducción de costes de producción que las empresas logran mediante la experiencia. Se analiza si las propiedades conocidas para modelos determinísticos, relativas al comportamiento óptimo de las empresas, se mantienen bajo incertidumbre. Se considera un modelo en tiempo discreto y horizonte finito. Un monopolista, enfrentado a una demanda lineal, maximiza el flujo esperado de beneficios, con incertidumbre multiplicativa en la reducción de costes y un límite superior en esta reducción. Se prueba analíticamente que algunas propiedades del caso determinístico se mantienen bajo incertidumbre y otras no.
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ALVAREZ, P. and CERDA, E. (1997a), "A Solution Method for a Class of Learning by Doing Models", mimeo.
ALVAREZ, F. and CERDA, E. (1997b), "A Solution Method for a Class of Learning by Doing Models with Multiplicative Uncertainty", mimeo.
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