Never‐Ending Search for Innovation.
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| Title: | Never‐Ending Search for Innovation. |
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| Authors: | Benkert, Jean‐Michel1 (AUTHOR) jean-michel.benkert@unibe.ch, Letina, Igor1,2 (AUTHOR) igor.letina@unibe.ch |
| Source: | Journal of Industrial Economics. Jun2025, Vol. 73 Issue 2, p384-387. 4p. |
| Subjects: | Technological innovations, Research & development projects, Probability theory, Decision making, Dynamic models, Corporate investments, Heterogeneity |
| 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. [ABSTRACT FROM AUTHOR] |
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| Database: | Engineering Source |
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| 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. [ABSTRACT FROM AUTHOR] |
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| ISSN: | 00221821 |
| DOI: | 10.1111/joie.12413 |
