Research Cycles

Yann Bramoullé () and Gilles Saint-Paul ()

No 6075, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper studies the dynamics of fundamental research. We develop a simple model where researchers allocate their effort between improving existing fields and inventing new ones. A key assumption is that scientists derive utility from recognition from other scientists. We show that the economy can be either in a regime where new fields are constantly invented, and then converges to a steady state, or in a cyclical regime where periods of innovation alternate with periods of exploitation. We characterize the cyclical dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications.

Keywords: indeterminacy; innovation cycles; research dynamics (search for similar items in EconPapers)
JEL-codes: C61 O39 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ino and nep-sog
Date: 2007-02
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Related works:
Working Paper: Research Cycles (2006)
Working Paper: Research Cycles (2007)
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