Never-Ending Search for Innovation

IF 1.7 4区经济学 Q3 BUSINESS, FINANCE

Journal of Industrial Economics Pub Date : 2025-03-20 DOI:10.1111/joie.12413

Jean-Michel Benkert, Igor Letina

引用次数: 0

Abstract

We provide a model of investment in innovation that is dynamic, features multiple heterogeneous research projects of which only one potentially leads to success, and in each period, the researcher chooses the set of projects to invest in. We show that if a search for innovation starts, it optimally does not end until the innovation is found—which will be never with a strictly positive probability.

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永无止境地寻求创新

我们提供了一个动态的创新投资模型，该模型具有多个异构的研究项目，其中只有一个可能导致成功，并且在每个时期，研究人员选择投资的项目集。我们表明，如果开始寻找创新，在找到创新之前，它最好不会结束——这永远不会有严格的正概率。

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

Journal of Industrial Economics Multiple-

CiteScore

1.60

自引率

0.00%

发文量

期刊介绍： First published in 1952, the Journal of Industrial Economics has a wide international circulation and is recognised as a leading journal in the field. It was founded to promote the analysis of modern industry, particularly the behaviour of firms and the functioning of markets. Contributions are welcomed in all areas of industrial economics including: - organization of industry - applied oligopoly theory - product differentiation and technical change - theory of the firm and internal organization - regulation - monopoly - merger and technology policy Necessarily, these subjects will often draw on adjacent areas such as international economics, labour economics and law.