The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Nov, 1996, Volume 64, Issue 6
https://doi.org/0012-9682(199611)64:6<1299:LBDATC>2.0.CO;2-Q
p. 1299-1310
Boyan Jovanovic, Yaw Nyarko
This is a one-agent Bayesian model of learning by doing and technology choice. The more the agent uses a technology, the better he learns its parameters, and the more productive he gets. This expertise is a form of human capital. Any given technology has bounded productivity, which therefore can grow in the long run only if the agent keeps switching to better technologies. But a switch of technologies temporarily reduces expertise: The bigger is the technological leap, the bigger the loss in expertise. The prospect of a productivity drop may prevent the agent from climbing the technological ladder as quickly as he might. Indeed, an agent may be so skilled at some technology that he will never switch again, so that he will experience no long-run growth. In contrast, someone who is less skilled (and therefore less productive) at that technology may find it optimal to switch technologies over and over again, and therefore enjoy long-run growth in output. Thus the model can give rise to overtaking.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
