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Research Cycles

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  • Bramoullé, Yann
  • Saint-Paul, Gilles

Abstract

This paper studies the dynamics of fundamental research. We develop a simple model where researchers allocate their effort between improving existing fields and inventing new ones. A key assumption is that scientists derive utility from recognition from other scientists. We show that the economy can be either in a regime where new fields are constantly invented, and then converges to a steady state, or in a cyclical regime where periods of innovation alternate with periods of exploitation. We characterize the cyclical dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6075.

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Date of creation: Feb 2007
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Handle: RePEc:cpr:ceprdp:6075

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Related research

Keywords: indeterminacy; innovation cycles; research dynamics;

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References

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  1. Levin, Sharon G & Stephan, Paula E, 1991. "Research Productivity over the Life Cycle: Evidence for Academic Scientists," American Economic Review, American Economic Association, vol. 81(1), pages 114-32, March.
  2. Sanjeev Goyal & Marco J. van der Leij & Jos� Luis Moraga-Gonzalez, 2006. "Economics: An Emerging Small World," Journal of Political Economy, University of Chicago Press, vol. 114(2), pages 403-432, April.
  3. Daron Acemoglu, 1998. "Why Do New Technologies Complement Skills? Directed Technical Change And Wage Inequality," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1055-1089, November.
  4. Boyan Jovanovic & Yaw Nyarko, 1994. "Learning By Doing and the Choice of Technology," NBER Working Papers 4739, National Bureau of Economic Research, Inc.
  5. Shleifer, Andrei, 1986. "Implementation Cycles," Scholarly Articles 3451303, Harvard University Department of Economics.
  6. William A. Brock & Steven N. Durlauf, 1999. "A formal model of theory choice in science," Economic Theory, Springer, vol. 14(1), pages 113-130.
  7. Michele Boldrin & David K. Levine, 2005. "The economics of ideas and intellectual property," Staff Report 357, Federal Reserve Bank of Minneapolis.
  8. Boyan Jovanovic & Rafael Rob, 1990. "Long Waves and Short Waves: Growth Through Intensive and Extensive Search," Levine's Working Paper Archive 2082, David K. Levine.
  9. Black, Fischer & Scholes, Myron S, 1972. "The Valuation of Option Contracts and a Test of Market Efficiency," Journal of Finance, American Finance Association, vol. 27(2), pages 399-417, May.
  10. Paula E. Stephan, 1996. "The Economics of Science," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1199-1235, September.
  11. Arthur M. Diamond Jr., 1986. "What is a Citation Worth?," Journal of Human Resources, University of Wisconsin Press, vol. 21(2), pages 200-215.
  12. Matsuyama, Kiminori, 1996. "Growing Through Cycles," Economics Series 40, Institute for Advanced Studies.
  13. Carmichael, H Lorne, 1988. "Incentives in Academics: Why Is There Tenure?," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 453-72, June.
  14. Aghion, Philippe & Howitt, Peter, 1996. " Research and Development in the Growth Process," Journal of Economic Growth, Springer, vol. 1(1), pages 49-73, March.
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Citations

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Cited by:
  1. Javier Gómez Pineda, 2008. "El crecimiento económico y la supervivencia”: el caso de las matemáticas y la economía," BORRADORES DE ECONOMIA 004579, BANCO DE LA REPÚBLICA.
  2. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," Working Papers halshs-00590527, HAL.
  3. Guido Cozzi & Silvia Galli, . "Privatization of Knowledge: Did the U.S. Get It Right?," Working Papers 2008_01, Business School - Economics, University of Glasgow.
  4. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," CEPN Working Papers halshs-00590527, HAL.

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