Several reviews and impact assessment studies have concluded that the Sixth Framework Programme for Research and Technological Development (FP6) succeeded in fostering scientific excellence and attracting the “A Team” in public science. However, these studies typically fail to contrast their...

Cover -- Wirtschaft -- Fortschrittsdenken in der Ökonomie. Neoklassische Ökonomie versus Nachhaltigkeitsökonomie -- 1. Zur Problemstellung -- 2. Das Fortschrittsparadoxon in der Ökonomie an ausgewählten Beispielen -- 3. Die Beurteilung wirtschaftlichen Wachstums aus verschiedenen...

We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical andnovel innovation. We do so by introducing a new measure of novelty: a drug candidate is novelif it is molecularly distinct from prior candidates. Using our measure, we show that firms face arisk-reward...