Growth through Learning

Boyan Jovanovic, Sai Ma

    Research output: Contribution to journalArticlepeer-review


    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.

    Original languageEnglish (US)
    Pages (from-to)211-234
    Number of pages24
    JournalReview of Economic Dynamics
    StatePublished - Oct 2023


    • Economic development
    • Endogenous growth
    • Learning

    ASJC Scopus subject areas

    • Economics and Econometrics


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