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Research Cycles

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Author Info
Yann Bramoullé
Gilles Saint-Paul

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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 cyclicals dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications.

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Paper provided by CIRPEE in its series Cahiers de recherche with number 0704.

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Date of creation: 2007
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Handle: RePEc:lvl:lacicr:0704

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Related research
Keywords: Research dynamics; innovation cycles; indeterminacy;

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Find related papers by JEL classification:
O39 - Economic Development, Technological Change, and Growth - - Technological Change - - - Other
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jovanovic, Boyan & Rob, Rafael, 1990. "Long Waves and Short Waves: Growth through Intensive and Extensive Search," Econometrica, Econometric Society, vol. 58(6), pages 1391-1409, November. [Downloadable!] (restricted)
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  2. Sanjeev Goyal & Marco van der Leij & José Luis Moraga-Gonzàlez, 2004. "Economics: An Emerging Small World?," Working Papers 2004.84, Fondazione Eni Enrico Mattei. [Downloadable!]
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  3. Jovanovic, B. & Nyarko, Y., 1996. "Learning by Doing and the Choice of Technology," Working Papers 96-25, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  4. Paula E. Stephan, 1996. "The Economics of Science," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1199-1235, September. [Downloadable!] (restricted)
  5. Kiminori Matsuyama, 1999. "Growing Through Cycles," Econometrica, Econometric Society, vol. 67(2), pages 335-348, March.
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  6. 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. [Downloadable!] (restricted)
  7. William A. Brock & Steven N. Durlauf, 1999. "A formal model of theory choice in science," Economic Theory, Springer, vol. 14(1), pages 113-130. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  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. [Downloadable!]
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