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Research Cycles

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  • Bramoullé, Yann
  • Saint-Paul, Gilles

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

  • Bramoullé, Yann & Saint-Paul, Gilles, 2006. "Research Cycles," IDEI Working Papers 422, Institut d'Économie Industrielle (IDEI), Toulouse.
  • Handle: RePEc:ide:wpaper:5500
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    References listed on IDEAS

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    1. Jovanovic, Boyan & Nyarko, Yaw, 1996. "Learning by Doing and the Choice of Technology," Econometrica, Econometric Society, vol. 64(6), pages 1299-1310, November.
    2. 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 114-132, March.
    3. 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.
    4. Michele Boldrin & David K Levine, 2004. "The Economics of Ideas and Intellectual Property," Levine's Working Paper Archive 122247000000000631, David K. Levine.
    5. Sanjeev Goyal & Marco J. van der Leij & José Luis Moraga-Gonzalez, 2006. "Economics: An Emerging Small World," Journal of Political Economy, University of Chicago Press, vol. 114(2), pages 403-432, April.
    6. Stephan, Paula E., 2010. "The Economics of Science," Handbook of the Economics of Innovation, Elsevier.
    7. Shleifer, Andrei, 1986. "Implementation Cycles," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1163-1190, December.
    8. Daron Acemoglu, 1998. "Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality," The Quarterly Journal of Economics, Oxford University Press, vol. 113(4), pages 1055-1089.
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    10. Kiminori Matsuyama, 1999. "Growing Through Cycles," Econometrica, Econometric Society, vol. 67(2), pages 335-348, March.
    11. Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, vol. 23(5), pages 487-521, September.
    12. Carmichael, H Lorne, 1988. "Incentives in Academics: Why Is There Tenure?," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 453-472, June.
    13. William A. Brock & Steven N. Durlauf, 1999. "A formal model of theory choice in science," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(1), pages 113-130.
    14. Aghion, Philippe & Howitt, Peter, 1996. "Research and Development in the Growth Process," Journal of Economic Growth, Springer, vol. 1(1), pages 49-73, March.
    15. Arthur M. Diamond Jr., 1986. "What is a Citation Worth?," Journal of Human Resources, University of Wisconsin Press, vol. 21(2), pages 200-215.
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    Cited by:

    1. Damien Besancenot & Radu Vranceanu, 2014. "Fear of novelty : a model of scientific discovery with strategic uncertainty," Working Papers hal-01117929, HAL.
    2. repec:spr:jknowl:v:8:y:2017:i:1:d:10.1007_s13132-015-0277-0 is not listed on IDEAS
    3. Damien Besancenot & Radu Vranceanu, 2015. "Fear Of Novelty: A Model Of Scientific Discovery With Strategic Uncertainty," Economic Inquiry, Western Economic Association International, vol. 53(2), pages 1132-1139, April.
    4. Guido Cozzi & Silvia Galli, "undated". "Privatization of Knowledge: Did the U.S. Get It Right?," Working Papers 2008_01, Business School - Economics, University of Glasgow.
    5. 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.
    6. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," Working Papers halshs-00590527, HAL.
    7. Carillo, Maria Rosaria & Papagni, Erasmo, 2014. "“Little Science” and “Big Science”: The institution of “Open Science” as a cause of scientific and economic inequalities among countries," Economic Modelling, Elsevier, vol. 43(C), pages 42-56.
    8. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," CEPN Working Papers halshs-00590527, HAL.

    More about this item

    JEL classification:

    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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