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Journal of Economic Interaction and Coordination

Erschienen in:

08.04.2017 | Regular Article

The creative response and the endogenous dynamics of pecuniary knowledge externalities: an agent based simulation model

verfasst von: Cristiano Antonelli, Gianluigi Ferraris

Erschienen in: Journal of Economic Interaction and Coordination | Ausgabe 3/2018

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Abstract

The paper elaborates an agent based simulation model (ABM) to explore the endogenous long-term dynamics of knowledge externalities. ABMs, as a form of artificial cliometrics, allow the analysis of the effects of the reactivity of firms caught in out-of-equilibrium conditions conditional on the levels of endogenous knowledge externalities stemming from the levels of knowledge connectivity of the system. The simulation results confirm the powerful effects of endogenous knowledge externalities. At the micro-level, the reactions of firms caught in out-of-equilibrium conditions yield successful effects in the form of productivity enhancing innovations, only in the presence of high levels of knowledge connectivity and strong pecuniary knowledge externalities. At the meso-level, the introduction of innovations changes the structural characteristics of the system in terms of knowledge connectivity that affect the availability of knowledge externalities. Endogenous centrifugal and centripetal forces continually reshape the structure of the system and its knowledge connectivity. At the macro system level, an out-of-equilibrium process leads to a step-wise increase in productivity combined with non-linear patterns of output growth characterized by significant oscillations typical of the long waves in Schumpeterian business cycles.

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We define the equilibrium cost of knowledge as the cost of a standard divisible input, traded in a competitive market, that can be fully appropriated, wear and tear because has a clear exhaustibility, and is used to produce an output that is traded in a competitive market.

NK models assume the reverse, defining density of the components in the landscape, and their knowledge to be exogenous (Levinthal 1997).

See “Appendix A” for detailed presentation of the pseudo code of the model, “Appendix B” for the parameters of the model, “Appendix C” for the parameters of the simulation.

See Antonelli and Ferraris (2011, 2017) for other complementary specifications of this simulation model.

Note that the system is analytically consistent. Naming $\prod $ the profit of a generic enterprise and D the dividend it will pay to its shareholders, and remembering Eqs. 1, 2 and 5 it is possible to write the following equations:

$$\begin{aligned} \hbox {D}_{\mathrm{i}} = \prod \nolimits _{\mathrm{i}} = \hbox {pO}_{\mathrm{i}} - \hbox {W}_{\mathrm{i}} \end{aligned}$$

(15)

where D could be less than zero if a loss had to be reintegrated. The amount of dividends paid to the whole systems is:

$$\begin{aligned} \hbox {D} = \sum \hbox {D}_{\mathrm{i}.} \end{aligned}$$

(16)

At the aggregate level the system could be resumed as follows:

$$\begin{aligned} \hbox {Y} = \sum \hbox {W}_{\mathrm{i}} + \sum \hbox {D}_{\mathrm{i}.} \end{aligned}$$

(17)

By specifying $\hbox {D}_{\mathrm{i}}$ using Eq. (16) it is possible to obtain:

$$\begin{aligned} \hbox {Y} = \sum \hbox {W}_{\mathrm{i}} + \sum \hbox {pO}_{\mathrm{i}} - \sum \hbox {W}_{\mathrm{i}.} \end{aligned}$$

(18)

By operating simple compensations Eq. (18) becomes:

$$\begin{aligned} \hbox {Y} = \sum \hbox {pO}_{\mathrm{i}.} \end{aligned}$$

(19)

Recalling expression (2) it is evident that the whole system can reach equilibrium and the amount of money into the system remains always constant.

See the Appendix for the robustness and sensitivity checks.

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Titel: The creative response and the endogenous dynamics of pecuniary knowledge externalities: an agent based simulation model
verfasst von: Cristiano Antonelli
Gianluigi Ferraris
Publikationsdatum: 08.04.2017
Verlag: Springer Berlin Heidelberg
Erschienen in: Journal of Economic Interaction and Coordination / Ausgabe 3/2018
Print ISSN: 1860-711X
Elektronische ISSN: 1860-7128
DOI: https://doi.org/10.1007/s11403-017-0194-3

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