Researchers in the field of innovation networks have acknowledged the important role knowledge and interaction play for the emergence of innovation. However, not much research has been done to investigate the behavioural dynamics necessary for the success of innovation networks. Our article deals with this issue in a threefold manner: we combine a theoretical analysis with an empirical validation and set up a multi-agent system based on both, simulating the behavioural dynamic of collaborative R&D. With regard to the theoretical foundation, the cognitive foundations of knowledge generation under bounded rationality are conceptualized. This is linked to a discussion about the role trust plays in the course of economic interaction. Trust itself proves to be a relevant mode of economic (inter)action which enables agents to overcome social dilemmas that might arise in the process of collaborative R&D. For empirical validation, a unique data set is used (23 German innovation networks, containing about 600 agents). Results of the analyses highlight the dynamics and interdependence of knowledge generation and trust as well as the sources of trust building in terms of three different components (generalised trust, specific trust, and institutional trust). The multi-agent system comprises the theoretical and empirical findings, e.g. in incorporating heterogeneity with regard to adaptive capacity, reciprocity and the tolerance of non-reciprocal behaviour. The results give evidence of the (changing) relevance of trust in the course of collaborative R&D. The success of collaborative R&D is determined through a co-evolution of individual and interactive processes of knowledge transformation und trust building.
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