Knowledge Growth and the Allocation of Time

Lucas, Robert E.; Moll, Benjamin

doi:10.1086/674363

Cited by 285 publications

(269 citation statements)

References 34 publications

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“…solve optimal control problems. Lucas & Moll [20] extend the set-up in the previous section to feature such an optimal choice. In this extension, one can then ask questions such as: is the equilibrium growth rate of the economy optimal or should policy makers intervene to boost (or perhaps depress) economic growth?…”

Section: (B) Knowledge Diffusion and Searchmentioning

confidence: 99%

“…In this extension, one can then ask questions such as: is the equilibrium growth rate of the economy optimal or should policy makers intervene to boost (or perhaps depress) economic growth? In Lucas & Moll [20], individuals have one unit of time and they can split it between producing with the knowledge they already have, or they can search for productivity enhancing ideas. Search increases the likelihood of meeting other individuals.…”

Section: (B) Knowledge Diffusion and Searchmentioning

confidence: 99%

“…However, in general, it will not be true that s * is constant for all x. Instead, s * is usually decreasing in x. Lucas & Moll [20] study the special case of (4.6)-(4.8) with σ = 0. They show that the system admits solutions of the travelling wave type, that is Regarding the second question, a natural conjecture would be that the limiting distribution is a travelling wave with growth rate and tail inequality…”

Section: (B) Knowledge Diffusion and Searchmentioning

confidence: 99%

“…As a result, these equilibrium allocations are in general suboptimal from the point of view of society as a whole. 2 Optimal allocations in heterogeneous agent models can be analysed along the lines of Nuño [19] and Lucas & Moll [20].…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Partial differential equation models in macroeconomics

Achdou

Buera

Lasry

et al. 2014

Phil. Trans. R. Soc. A.

Self Cite

163

209

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The purpose of this article is to get mathematicians interested in studying a number of partial differential equations (PDEs) that naturally arise in macroeconomics. These PDEs come from models designed to study some of the most important questions in economics. At the same time, they are highly interesting for mathematicians because their structure is often quite difficult. We present a number of examples of such PDEs, discuss what is known about their properties, and list some open questions for future research.

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Section: (B) Knowledge Diffusion and Searchmentioning

confidence: 99%

Section: (B) Knowledge Diffusion and Searchmentioning

confidence: 99%

Section: (B) Knowledge Diffusion and Searchmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Partial differential equation models in macroeconomics

Achdou

Buera

Lasry

et al. 2014

Phil. Trans. R. Soc. A.

Self Cite

163

209

View full text Add to dashboard Cite

show abstract

“…Krusell (1998) and Lucas and Moll (2014) are examples. Krusell (1998) and Lucas and Moll (2014) are examples.…”

Section: Introductionmentioning

confidence: 99%

How Destructive Is Innovation?

Garcia-Macia

Hsieh

Klenow

2019

ECTA

152

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Entrants and incumbents can create new products and displace the products of competitors. Incumbents can also improve their existing products. How much of aggregate productivity growth occurs through each of these channels? Using data from the U.S. Longitudinal Business Database on all nonfarm private businesses from 1983 to 2013, we arrive at three main conclusions: First, most growth appears to come from incumbents. We infer this from the modest employment share of entering firms (defined as those less than 5 years old). Second, most growth seems to occur through improvements of existing varieties rather than creation of brand new varieties. Third, own‐product improvements by incumbents appear to be more important than creative destruction. We infer this because the distribution of job creation and destruction has thinner tails than implied by a model with a dominant role for creative destruction.

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On a best response problem arising in mean field stochastic growth games with common noise

Zhou,

Huang

2024

Asian Journal of Control

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This paper analyzes the best response control problem arising in mean field stochastic growth. We consider mean field games in the setting of stochastic growth where each player's capital stock is described by Cobb–Douglas production dynamics subject to stochastic depreciation and common noise. Each individual's utility functional consists of one's own utility and relative utility. Due to random mean field dynamics, the analysis of the best response relies on a stochastic Hamilton–Jacobi–Bellman (SHJB) equation, which in turn derives a special nonlinear backward stochastic differential equation (BSDE). We analyze the BSDE and use it to determine the solution equation system of the mean field game. Further, we extend the analysis to an AK model for the growth dynamics.

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Knowledge Growth and the Allocation of Time

Cited by 285 publications

References 34 publications

Partial differential equation models in macroeconomics

Partial differential equation models in macroeconomics

How Destructive Is Innovation?

On a best response problem arising in mean field stochastic growth games with common noise

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