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dc.contributor.authorGarfagnini, Umbertoen
dc.contributor.authorStrulovici, Brunoen
dc.date.accessioned2012-02-14-
dc.date.accessioned2012-07-12T12:34:21Z-
dc.date.available2012-07-12T12:34:21Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/59678-
dc.description.abstractWe study social learning and innovation in an overlapping generations model, emphasizing the trade-off between marginal innovation (combining existing technologies) and radical innovation (breaking new ground). We characterize both short-term and long-term dynamics of innovation, and the intergenerational accumulation of knowledge. Innovation cycles emerge endogenously, but the number of cycles is finite almost surely, and radical innovation terminates in finite time. We identify a negative relationship between past successes and the magnitude of radical innovation, combining insights from the multi-armed bandit literature with a spatial representation of innovation. Past successes reduce the incremental value of experimentation, and result in less ambitious innovation. In our framework, patents promote radical innovation through two channels: by increasing the expected benefit of radical innovation and by increasing the cost of marginal innovation. Our analysis suggests that sustaining radical innovation in the long-run requires external intervention.en
dc.language.isoengen
dc.publisher|aNorthwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science |cEvanston, ILen
dc.relation.ispartofseries|aDiscussion Paper |x1546en
dc.subject.jelD83en
dc.subject.jelO3en
dc.subject.ddc330en
dc.subject.keywordSocial Learningen
dc.subject.keywordInnovationen
dc.subject.keywordTechnological Changeen
dc.subject.keywordExperimentationen
dc.titleSocial learning and innovation cycles-
dc.typeWorking Paperen
dc.identifier.ppn685269213en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:nwu:cmsems:1546en

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