In this paper, we study the role of risk-sharing in entrepreneurship-driven innovation. Studying entrepreneurship and … innovation entails modeling an occupational choice and an effort choice. Risk-sharing may increase the number of individuals who …

Understanding the factors affecting the direction of innovation is a central aim of research in the economics and … strategic management of innovation. Progress on this topic has been inhibited by difficulties in measuring the location and … movement of innovation in ideas space. To date, most efforts at measuring the direction of innovation rely on curated …

The theorem of not independence of any technological innovation states that in the long run, the behavior and evolution … of any technological innovation is not independent from the behavior and evolution of the other technological innovations … fundamental interactions of physical and social factors. In particular, any technological innovation does not function as an …

This paper studies the asset pricing implications of technology spillover, an important externality in innovation … firms. These findings highlight the importance of innovation externality on stock returns …

This paper analyzes equilibrium, dynamics, and optimal decisions on the factor bias of innovation in a model of induced … innovation. In a model with full employment, we show that (a) if the elasticity of substitution is always less than or greater …, there will be a bias towards excessive labor augmenting innovation, resulting in too high unemployment, with convergence to …

When commentators discuss innovation’s externalities, they often classify them into one of two categories. On the … positive externalities, or “spillovers” side, legal and economics scholars often speak of the benefits innovation confers on … other innovators. Future innovators profit from past innovation as they “stand on the shoulders of giants” to develop …