A Quest for Knowledge

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2025-03-29 DOI:10.3982/ECTA22144

Christoph Carnehl, Johannes Schneider

引用次数: 0

Abstract

Is more novel research always desirable? We develop a model in which knowledge shapes society's policies and guides the search for discoveries. Researchers select a question and how intensely to study it. The novelty of a question determines both the value and difficulty of discovering its answer. We show that the benefits of discoveries are nonmonotone in novelty. Knowledge expands endogenously step-by-step over time. Through a dynamic externality, moonshots—research on questions more novel than what is myopically optimal—can improve the evolution of knowledge. Moonshots induce research cycles in which subsequent researchers connect the moonshot to previous knowledge.

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是否总是需要更多新颖的研究？我们建立了一个模型，在这个模型中，知识影响着社会政策，并引导着探索发现。研究人员会选择一个问题，并决定如何深入研究这个问题。问题的新颖性决定了发现其答案的价值和难度。我们的研究表明，发现的收益与新颖性是非单调的。随着时间的推移，知识会内生地逐步扩展。通过动态外部性，"登月计划"--对新颖性高于近视最优的问题进行研究--可以改善知识的演进。登月计划会引发研究周期，在这个周期中，后续研究人员会将登月计划与之前的知识联系起来。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.