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Exploration and Exploitation - The Role of Entrepreneurship and R+D in the Process of Innovation

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Author Info

  • Max Keilbach

    (Max Planck Institute of Economics, Jena)

  • Mark Sanders

    (Utrecht School of Economics)

Abstract

We formulate a model that explicitly separates two functions in the innovation process: The introduction of new goods and the quality improvement of existing goods. While the latter is performed by the corporate R+D sector, the first is performed by entrepreneurs. We show that in a three sector economy, which also includes a producing sector, there exists a stable non trivial allocation of labor to production, innovation and entrepreneurship. We compute the steady state allocation of labor to production, R+D and Entrepreneurship. We show that the innovation rate decreases if one of the innovative sectors does not exist.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2007-108.

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Date of creation: 20 Dec 2007
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Handle: RePEc:jrp:jrpwrp:2007-108

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Keywords: Innovation; Variety Expansion; Quality Ladders; Entrepreneurship; R+D Sector.;

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