A Quest for Knowledge

Christoph Carnehl and Johannes Schneider

Papers from arXiv.org

Abstract: Is more novel research always desirable? We develop a model in which knowledge shapes society's policies and guides the search for discoveries. Researchers select a question and how intensely to study it. The novelty of a question determines both the value and difficulty of discovering its answer. We show that the benefits of discoveries are nonmonotone in novelty. Knowledge expands endogenously step-by-step over time. Through a dynamic externality, moonshots -- research on questions more novel than what is myopically optimal -- can improve the evolution of knowledge. Moonshots induce research cycles in which subsequent researchers connect the moonshot to previous knowledge.

Date: 2021-02, Revised 2024-12
New Economics Papers: this item is included in nep-mic
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