Competing R&D Strategies in an Evolutionary Industry Model |
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Authors: | Murat Yildizoglu |
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Affiliation: | (1) IFREDE-E3i, Université Montesquieu Bordeaux IV, Avenue Léon Duguit, F-33608 PESSAC |
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Abstract: | This article aims to test the relevance of learning throughgenetic algorithms, in contrast to fixed R&D rules, in a simplifiedversion of the evolutionary industry model of Nelson and Winter.These two R&D strategies arecompared from the points of view of industry performance(welfare) and firms' relative performance (competitive edge):simulations results clearly show that learning is a source oftechnological and social efficiency as well as a means formarket domination. |
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Keywords: | bounded rationality genetic algorithms industry dynamics innovation learning |
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