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The Simple Economics of Research Portfolios

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  • Dasgupta, Partha
  • Maskin, Eric

Abstract

This article identifies biases in market portfolios of parallel research projects arising from the noncongruence of social goals and private aspirations, occasioned by those circumstances where the market rewards only the winner and where the winner is awarded the entire social surplus. It is shown that under risk-neutrality this noncongruence implies that t he market encourages the development of too many discoveries, too lar ge a spread in the distribution of the quality of discoveries, and an excessive occurrence of multiple discoveries. Copyright 1987 by Royal Economic Society.

Suggested Citation

  • Dasgupta, Partha & Maskin, Eric, 1987. "The Simple Economics of Research Portfolios," Economic Journal, Royal Economic Society, vol. 97(387), pages 581-595, September.
  • Handle: RePEc:ecj:econjl:v:97:y:1987:i:387:p:581-95
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    1. Costabile, Lilia & Rowthorn, Bob, 1985. "Malthus's Theory of Wages and Growth," Economic Journal, Royal Economic Society, vol. 95(378), pages 418-437, June.
    2. Lindert, Peter H., 1983. "English living standards, population growth, and Wrigley-Schofield," Explorations in Economic History, Elsevier, vol. 20(2), pages 131-155, April.
    3. Olney, Martha L., 1983. "Fertility and the Standard of Living in Early Modern England: in Consideration of Wrigley and Schofield," The Journal of Economic History, Cambridge University Press, vol. 43(01), pages 71-77, March.
    4. Loschky, David J. & Krier, Donald F., 1969. "Income and Family Size in Three Eighteenth-Century Lancashire Parishes: A Reconstitution Study," The Journal of Economic History, Cambridge University Press, vol. 29(03), pages 429-448, September.
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