caa a22 4500 445854537 CHVBK 20180317145424.0 cr unu---uuuuu 170323e20110501xx s 000 0 eng 10.1007/s00191-010-0217-x doi (NATIONALLICENCE)springer-10.1007/s00191-010-0217-x Ambiguity attitude, R&D investments and economic growth [Elektronische Daten] [Guido Cozzi, Paolo Giordani] The process aimed at discovering new ideas is an economic activity the returns from which are intrinsically uncertain. We extend the neo-Schumpeterian growth framework to investigate the role of strong uncertainty in the innovative process. In particular, we postulate that, when deciding upon R&D efforts, investors hold ‘ambiguous beliefs' about the exact probability of arrival of the next vertical innovation, and that they face ambiguity via the α −MEU decision rule (Ghirardato et al., J Econ Theory 118:133-173, 2004). Along the balanced growth path, the higher the agent's ambiguity aversion (α), the lower the R&D efforts and the economic performance. Consistent with cross-country empirical evidence, this causal mechanism suggests that, together with the profitability conditions of the economy, different ‘cultural' attitudes towards ambiguity may help explain the different R&D efforts observed across countries. Springer-Verlag, 2011 Schumpeterian growth nationallicence R&D investments nationallicence Arrival rate of innovation nationallicence Ambiguity nationallicence Cultural attitude towards ambiguity nationallicence Cozzi Guido University of Durham, Mill Hill Lane, DH1 3LB, Durham, UK aut Giordani Paolo Department of Economics and Business, LUISS "Guido Carli” University, Viale Romania 32, 00197, Rome, Italy aut Journal of Evolutionary Economics Springer-Verlag 21/2(2011-05-01), 303-319 0936-9937 21:2<303 2011 21 191 https://doi.org/10.1007/s00191-010-0217-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-010-0217-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Cozzi Guido University of Durham, Mill Hill Lane, DH1 3LB, Durham, UK aut NATIONALLICENCE 700 1- Giordani Paolo Department of Economics and Business, LUISS "Guido Carli” University, Viale Romania 32, 00197, Rome, Italy aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/2(2011-05-01), 303-319 0936-9937 21:2<303 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer