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As it becomes cheaper to copy and share digital content, vendors are turning to technical protections such as encryption. We argue that if protection is nevertheless imperfect, this transition will generally lower the prices of content relative to perfect legal enforcement. However, the effect...
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This paper argues that openness to new, unconventional and disruptive ideas has a first-order impact on creative innovations-innovations that break new ground in terms of knowledge creation. After presenting a motivating model focusing on the choice between incremental and radical innovation,...
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market. We propose a simple learning model where agents can invest in the acquisition of financial knowledge. Differential …
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to either learn from him (if children act as teachers then adults' cost of learning the skill falls) or lean on him (if … children's human capital substitutes for that of adults in household production then adults' benefit of learning the skill … also of adults living in the same household ("learning" outweighs "leaning"). Conversely, the 1998 introduction of English …
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Recent medical research shows that health is highly influential for learning and the ability to think laterally …; however, past economic studies have failed to empirically examine the influence of health on learning, schooling, and ideas …
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asset, his peers may also want to purchase it, both because they learn from his choice ("social learning") and because his …
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voting and social learning, we illustrate that sequential elections place too much weight on the preferences and information …
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