Johnson, Timothy C. (contributor) - 2002 - [Elektronische Ressource]
knowledge are understood in advance by agents who thereby have
an incentive to overinvest. 6
4These are known as adaptive …, as the first equation shows, investing
more in the risky technology directly buys more knowledge about it.
A second … empirical knowledge of such
“revolutions” is very limited. Even aside from the infrequency of major innovations,
it is extremely …