Inventive Activity and Risk Aversion

Damiano Silipo

Chapter 12 in Recent Developments in the Theory of Industrial Organization, 1992, pp 278-292 from Palgrave Macmillan

Abstract: Abstract There is a large amount of evidence showing that the discovery of a new good or a new technique is the result of luck as well as of the rational pursuing of a specific aim (see Jewkes et al., 1969, p. 356). Sometimes the pursuing of a specific aim leads to findings in different fields as a by-product of the R & D activity (Nelson, 1959). Indeed the very essence of R & D activity is the uncertainty about the nature of discovery and the amount of expenditure necessary to achieve the discovery.

Keywords: Discount Rate; Risk Aversion; Optimal Allocation; Inventive Activity; Decision Function (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-11771-0_13

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