Impact of Technology Assimilation on Investment Policy: Dynamic Optimization and Econometric Identification |
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Authors: | B K Ane A M Tarasyev C Watanabe |
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Institution: | (1) Tokyo Institute of Technology, Tokyo, Japan;(2) Institute of Mathematics and Mechanics, Ekaterinburg, Russia;(3) International Institute for Applied Systems Analysis, Laxenburg, Austria |
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Abstract: | The paper introduces a dynamic model of optimization of R&D intensity under the effect of technology assimilation. The model
involves R&D investments, technology stock, production, and technology productivity as main variables. The model characterizes
the “growth” and “decline” trends that describe the interaction between R&D investments and transformation process of production
factors. The technology stock is constructed as a function of indigenous and exogenous technology stocks and their growth
rates. The research focuses on the issue of a reasonable balance between the indigenous technology stock and assimilated technology
flow. Econometric linearization of the technology assimilation effect is used to construct a reasonable optimal control model.
The existence of the value function for the problem of the optimal economic growth on the infinite horizon is proved and the
basic features of the value function are outlined. The property of strong invariance for the main proportions of the model
such as technology productivity and R&D intensity is proved. The model is calibrated on the aggregate data of the Japanese
automotive industry.
The research was sponsored by the SIMOT Program of the Japanese Ministry of Education, Science and Technology.
The second author was supported by the Russian Fund for Basic Research, Grants 05-01-00601, 05-01-08034, by the Russian Fund
for Humanities, Grant RFH 05-02-02118a, and by the Program for the Sponsorship of Leading Scientific Schools, Grant NSCH-791.2003.1. |
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Keywords: | Economic growth Optimal control problems Value function Strong invariance Absorption capacity Econometric characteristics |
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