Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/308756 
Year of Publication: 
2024
Series/Report no.: 
Discussion Papers No. 24-10
Publisher: 
University of Bern, Department of Economics, Bern
Abstract: 
We provide a model of investment in innovation that is dynamic, features multiple heterogeneous research projects of which only one potentially leads to success, and in each period, the researcher chooses the set of projects to invest in. We show that if a search for innovation starts, it optimally does not end until the innovation is found-which will be never with a strictly positive probability.
Subjects: 
Innovation
Optimal Search
Infinite Horizon
JEL: 
D83
O31
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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