@article{73d0996973054e68b36c88f256619dc0,
title = "Growth through Learning",
abstract = "This paper analyzes an economy in which agents face related problems and invest in parameter information that they share. The N-player game generates growth via statistical learning alone. The equilibrium growth rate rises with agents' risk aversion via precautionary saving. Research entails a free riding problem, but the scale effect dominates and growth rises with the number of agents.",
keywords = "Economic development, Endogenous growth, Learning",
author = "Boyan Jovanovic and Sai Ma",
note = "Funding Information: We thank M. Fabinger for writing Appendix 7.2, Yoshiki Ando and Jong Choi for detailed comments, and Robert Lucas for sending us Fig. 6 . We also thank Hal Cole, William Easterly, Xavier Gabaix, Jeremy Greenwood, Emir Kamenica, Ellen McGrattan, Patrick Pintus, Nancy Qian, Yaw Nyarko, Jordan Rappaport, Andres Santos and Laura Veldkamp for helpful discussion, and the NSF for support (Award 1060790 ). The views expressed are those of the authors and not necessarily those of the Federal Reserve Board or the Federal Reserve System. Publisher Copyright: {\textcopyright} 2023",
year = "2023",
month = oct,
doi = "10.1016/j.red.2023.07.002",
language = "English (US)",
volume = "50",
pages = "211--234",
journal = "Review of Economic Dynamics",
issn = "1094-2025",
publisher = "Academic Press Inc.",
}