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 …

choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … consistent with this pattern. Our measures of creative innovations proxy for innovation quality (average number of citations per …

choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … measures of creative innovations proxy for innovation quality (average number of citations per patent) and creativity (fraction …