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The aim of this paper is to study the empirical phenomenon of rating bubbles, i.e. clustering on extremely positive …
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We study the implications of social interactions for financial markets in which investors exhibit different degrees of sophistication and can influence each other's beliefs through their interaction. We show that social interactions can either increase or decrease the likelihood for a financial...
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We present a detailed synthesis of the development of the Human Genome Project (HGP) from 1986 to 2003 in order to test the “social bubble” hypothesis that strong social interactions between enthusiastic supporters of the HGP weaved a network of reinforcing feedbacks that led to a widespread...
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given technology affects subsequent innovation. To shed light on this question, I analyze the sequencing of the human genome … innovation, as of 2009, from genes sequenced by the public effort over the same time period, a comparison group that appears … within-gene flow measures of subsequent innovation. Both analyses suggest Celera's IP led to reductions in subsequent …
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