Long Waves and Short Waves: Growth Through Intensive and Extensive Search
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.
(This abstract was borrowed from another version of this item.)
|Date of creation:||1987|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (212) 998-8936
Fax: (212) 995-3932
Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
More information through EDIRC
|Order Information:|| Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012|
When requesting a correction, please mention this item's handle: RePEc:cvs:starer:87-35. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anne Stubing)
If references are entirely missing, you can add them using this form.