This paper proposes a tractable model to study the equilibrium diversity of technological progress and shows that … equilibrium technological progress may exhibit too little diversity (too much conformity), in particular, foregoing socially … research portfolio and would induce a higher growth rate than the equilibrium allocation. The diversity of researchers is a …

This paper proposes a tractable model to study the equilibrium diversity of technological progress and shows that … equilibrium technological progress may exhibit too little diversity (too much conformity), in particular, foregoing socially … research portfolio and would induce a higher growth rate than the equilibrium allocation. The diversity of researchers is a …

Adaptation to dynamic conditions requires a certain degree of diversity. If all agents take the best current action …, learning that the underlying state has changed and behavior should adapt will be slower. Diversity is harder to maintain when …