theensuing innovation race, firms interact through information spillovers resulting fromthe imperfect appropriability of research … successes. In the random period of the experiment,the continuity of the search process is disturbed by an exogenous shockthat … of agents who are engaged in innovation activities. As a key element wetest to what extend relative economic performance …

experiment and nd that subjectsact more often in line with consequentialism than with dynamic consistency.[...] …