Research Cycles

Yann Bramoullé () and Gilles Saint-Paul ()

Cahiers de recherche from CIRPEE

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 cyclicals dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications.

Keywords: Research dynamics; innovation cycles; indeterminacy (search for similar items in EconPapers)
JEL-codes: O39 C61 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ino and nep-sog
Date: 2007
View list of references View citations in EconPapers

Downloads: (external link)
http://www.cirpee.org/fileadmin/documents/Cahiers_2007/CIRPEE07-04.pdf (application/pdf)

Related works:
Working Paper: Research Cycles (2006)
Working Paper: Research Cycles (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:lvl:lacicr:0704

Access Statistics for this paper

More papers in Cahiers de recherche from CIRPEE
Contact information at EDIRC.
Series data maintained by Johanne Perron ().