This paper models price movements in the market for fine art. Consumers of art are assumed to value art for its own sake, but are also subject to externalities in consumption whereby the utility of consuming the work of a painter is affected by the consumption choices of other consumers of art....

This paper discusses recent attempts to codify knowledge through the development of expert systems in several different contexts. This paper argues that in the context of expert systems there is some knowledge that can be codified (turned into an expert system essentially in its entirety), some...

Although intuitively appealing (and common), drawing network strategy implications from empirical evidence of network performance effects in pooled cross-section is not necessarily warranted. This is because network positions can influence both the mean and variance of firm performance....

Over the twentieth century universities in the industrialized world have evolved from being "universities of culture" to "universities of innovation." Policy makers and universities themselves see that one of their major roles is supporting industrial innovation and thus economic growth. We...

Innovation is a source of increasing productivity, but it is also a source of stress. Psychological research shows that moderate stress increases the productivity of an actor, but above a certain level, additional stress decreases productivity. Stress is reduced by coping behaviour of the actor,...

Network formation is often said to be driven by social capital considerations. A typical pattern observed in the empirical data on strategic alliances is that of small world networks: dense subgroups of firms interconnected by (few) clique-spanning ties. The typical argument is that there is...

This paper is concerned with clustering in demand. We present a discrete choice model of consumption that incorporates habit formation and information exchange among consumers in fixed social networks. We provide an analytical solution to a special case of the model by using technical tools from...

Empirical research on strategic alliances has focused on the idea that alliance partners are selected on the basis of social capital considerations. In this paper we emphasize instead the role of complementary knowledge stocks (broadly defined) in partner selection, arguing not only that...

This is a model of knowledge exchange by means of informal interaction among agents in low technology clusters. What this study seeks to do is to colour these exchanges by placing them in an environment of complex social relations, test whether the small-world network structure is the most...

When agents use informal interaction to exchange knowledge, their production relations may develop as emergent properties of their social relations and may exhibit homophily. The Saliyar community cluster in India is an archetype of this. A preceding study by Cowan and Kamath (2012) had shown...