We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex … welfare, amount of innovation and output growth at intermediate stages of technological development - periods when legal …

flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved …

rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by the agent, but also …

In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably … most economic decisions are already taken. Therefore, the advantage of flexibility for Case Law is unavoidably paired with … pairs the lack of flexibility with the ability to commit in advance to a given (forward looking) rule. This solves the time …

natural resources, of flexibility in the composition of the business portfolio, and of the structure of the downstream sector. …

that the connection between overconfidence and innovation is more complex than the previous literature suggests. In … innovative activity. While overoptimism leads to an innovation enhancing effect, judgmental overconfidence inhibits innovation …. Our results indicate that future research is well advised to take into account that the relationship between innovation …

We study innovation contests with asymmetric information and identical contestants, where contestants’ efforts and … highest quality and receives the revenue generated by the innovation. We characterize the equilibrium behavior, outcomes and …

We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are …

destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP …