Long Waves and Short Waves: Growth through Intensive and Extensive Search

Boyan Jovanovic () and Rafael Rob
Authors registered in the RePEc Author Service: Rafael Robb

Econometrica, 1990, vol. 58, issue 6, 1391-1409

Abstract: This paper endogenizes the frequency of major discoveries and the extent of their refinement. Four axioms deliver a one-parameter family of beliefs that guide exploratory effort. Such effort trades off the prospect of major new discovery against the chance of successfully refining discoveries made in the past. The only other parameter is the cost of making new discoveries relative to the cost of refining old ones. The paper derives time-series properties of inventive activity as they relate to the two parameters, and it discusses several specific inventions and their subsequent refinement. Copyright 1990 by The Econometric Society.

Date: 1990
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Related works:
Working Paper: Long Waves and Short Waves: Growth Through Intensive and Extensive Search (1990)
Working Paper: Long Waves and Short Waves: Growth Through Intensive and Extensive Search (1987)
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