Abstract
This short paper highlights selected achievements of David B. Audretsch, outlines the special role David played in shaping our academic careers and introduces a simple behavioral model of stochastic knowledge accumulation with a link to David’s work. Compared to the rational economy, this model assumes that behavioral agents do not fully acknowledge a change of the knowledge production due to aggregated knowledge stock changes. One explanation for this behavior is that behavioral agents cognitively discount future events more, the more distant such events are in the future.
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Notes
- 1.
For simplicity, we assume that δ > ξ. Saying this, we know that the derived results below crucially depend on this assumption.
- 2.
We assume that all rational (behavioral) firms are symmetric.
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Klarl, T., Menter, M. (2019). A Simple Behavioral Model of Stochastic Knowledge Accumulation. In: Lehmann, E., Keilbach, M. (eds) From Industrial Organization to Entrepreneurship. Springer, Cham. https://doi.org/10.1007/978-3-030-25237-3_45
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DOI: https://doi.org/10.1007/978-3-030-25237-3_45
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