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http://hdl.handle.net/10419/25680
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| Title: | | Exploration and exploitation: the role of entrepreneurship and R&D in the process of innovation  |
| Authors: | | Keilbach, Max Sanders, Mark |
| Issue Date: | | 2007 |
| Series/Report no.: | | Jena economic research papers 2007,108 |
| Abstract: | | We formulate a model that explicitly separates two functions in the innovation process: The introduction of new goods and the quality improvement of existing goods. While the latter is performed by the corporate R&D sector, the first is performed by entrepreneurs. We show that in a three sector economy, which also includes a producing sector, there exists a stable non trivial allocation of labor to production, innovation and entrepreneurship. We compute the steady state allocation of labor to production, R&D and Entrepreneurship. We show that the innovation rate decreases if one of the innovative sectors does not exist. |
| Subjects: | | Innovation Variety Expansion Quality Ladders Entrepreneurship R&D Sector |
| JEL: | | O31 O41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Jena Economic Research Papers, MPI für Ökonomik
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