This paper studies a simple model of experimentation and innovation. Our analysis suggests that patents may improve the … project to implement. A successful innovation can be copied by other firms. Symmetric equilibria (where actions do not depend … equilibria). In contrast to patents, subsidies to experimentation, research, or innovation cannot typically achieve this …

questions. The economy consists of many industries and firms engaged in cumulative (step-by-step) innovation. IPR policy … past innovations. With full patent protection, followers can catch up to the leader in their industry either by making the … same innovation(s) themselves or by making some pre-specified payments to the technological leaders. We prove the existence …

"cutthroat capitalism" that generates greater inequality and more innovation and will become the technology leaders, while others …

. After linking these ideas to the induced innovation literature of the 1960s and the more recent directed technological …

Crowdsourcing is an emerging technology where innovation and production are sourced out to the public through an open … fact that the exact difficulties of innovation tasks may not be known in advance, so tasks that require high-skill labor …

choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … different firms with different degrees of openness to disruption, we provide firm-level, patent level and cross-country evidence … consistent with this pattern. Our measures of creative innovations proxy for innovation quality (average number of citations per …

measures of creative innovations proxy for innovation quality (average number of citations per patent) and creativity (fraction … choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … different types of firms, we provide cross-country, firm-level and patent-level evidence consistent with this pattern. Our …

change and innovation has radically changed the living standards of the citizens of the US in the past 150 years. Lying … the presence of post offices in a county, on innovation. We show that between 1804 and 1899, the time when the US became …

We study a dynamic general equilibrium model where innovation takes the form of the introduction new goods, whose … production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are … substitution between goods and other parameters. Third, we show that the interplay between innovation and standardization may lead …