Crowd-funded markets have recently emerged as a novel source of capital for entrepreneurs. As the economic potential of these markets is now being realized, they are beginning to go mainstream, a trend reflected by the explicit attention crowdfunding has received in the American Jobs Act as a...

In this paper we introduce a stochastic network formation model where agents choose both actions and links. Neighbors in the network benefit from each other's action levels through local complementarities and there exists a global interaction effect reflecting a strategic substitutability in...

In this paper we introduce a stochastic network formation model where agents choose both actions and links. Neighbors in the network benefit from each other's action levels through local complementarities and there exists a global interaction effect reflecting a strategic substitutability in...

Abstract I study how much consumers benefit from new products in markets with information frictions. I analyze new products in the U.S. hard drive market, a market characterized by ample product innovation. Using unique click-stream data, I measure the magnitude of two frictions, category...

In this review of ten years of social innovation research (2012–2022), we define and explore three paradigms in the field: instrumentalist, strong, and democratic. We investigate how language usage and geography play a central role in identifying which paradigms recently published scholarship...

In diesem Diskussionspapier werden die Ergebnisse einer im Mai/Juni 2007 durchgeführten Unternehmensbefragung im Raum Niedersachsen vorgestellt in Bezug auf die Fragestellung, ob sich Unternehmen, die Innovationsförderung erhalten, von nicht geförderten Unternehmen in Bezug auf generelle...

The imperfect appropriability of revenues from innovation affects the incentives of firms to invest, and to disclose information about their innovative productivity. It creates a free-rider effect in the competition for the innovation that countervails the familiar business-stealing effect....

I study the impact of capital market imperfections on the exercise of a real option. An entrepreneur has private information about a venture for which she seeks outside funding. An initial investment gives access to a continuous flow of information about the project. The duration of that...

This study develops a general equilibrium model within which self revelation of ability - that is not accompanied by any signaling - is compatible with arrival at rational expectations equilibriums (REE). In the model, economic agents either are 'confident', 'overconfident', or 'under-confident'...

We develop a framework in which: (i) a firm can have a new product tested publicly before launch; and (ii) tests vary in toughness, holding expertise fixed. Price flexibility boosts the strong positive impact on consumer beliefs of passing a tough test and mitigates the strong negative impact of...