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Long Waves and Short Waves: Growth Through Intensive and Extensive Search

  • Jovanovic, Boyan
  • Rob, Rafael

This paper endogenizes the frequency of major discoveries and the extent of their refinement. Four axioms deliver a one-parameter family of beliefs that guide exploratory effort. Such effort trades off the prospect of major new discovery against the chance of successfully refining discoveries made in the past. The only other parameter is the cost of making new discoveries relative to the cost of refining old ones. The paper derives time-series properties of inventive activity as they relate to the two parameters, and it discusses several specific inventions and their subsequent refinement. Copyright 1990 by The Econometric Society.

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File URL: http://econ.as.nyu.edu/docs/IO/9396/RR87-35revised.pdf
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Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 87-35.

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Length: 29 pages
Date of creation: 1987
Date of revision:
Handle: RePEc:cvs:starer:87-35
Contact details of provider: Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
Phone: (212) 998-8936
Fax: (212) 995-3932
Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Order Information: Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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