Anticipation effects of technological progress on capital accumulation: a vintage capital approach

@article{Feichtinger2006AnticipationEO,
  title={Anticipation effects of technological progress on capital accumulation: a vintage capital approach},
  author={Gustav Feichtinger and Richard F. Hartl and Peter M. Kort and Vladimir M. Veliov},
  journal={J. Economic Theory},
  year={2006},
  volume={126},
  pages={143-164}
}
Abstract Due to embodied technological progress new generations of capital goods are more productive. Therefore, in order to study the effects of technological progress, a model must be analyzed in which different generations of capital goods can be distinguished. We determine in what way the firm adjusts current investments to predictions of technological progress. In the presence of market power we show that a negative anticipation effect occurs, i.e. current investments in recent generations… CONTINUE READING

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