Adaptive Capital, Information Depreciation and Schumpeterian Growth
构建了一个搜索理论模型，研究在技术持续进步下，代理人需要适应性投资来匹配新技术，但学习会随新技术出现而折旧，导致经济出现频繁技术进步但匹配低效或相反两种均衡，且技术采用立即引发衰退而非繁荣。
This paper develops a search-theoretic approach to optimal growth where agents anticipate continuing technology advance. When agents require an adaptive search investment to `match with' any new technology, but when this learning is depreciated at the inception of the next, we show that an economy will sustain either an equilibrium with frequent advances, coupled with inefficient matching, or one with exactly the opposite characteristics. The cyclical implication is that the immediate effect of technology adoption is a downturn, not a boom. The model offers a broader representation of Schumpeterian creative destruction, while augmenting the human capital foundations of endogenous growth theory.