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On the tradeoff between similarity and diversity in the creation of novelty in basic science

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  • Grebel, Thomas

Abstract

What is the impact of institutional frames on knowledge diversity in basic science? Institutional frames such as the peer-review process in academia influence the way knowledge is created. This also concerns knowledge diversity as well as knowledge similarity. Similar research activities tend to generate related knowledge, reduce the costs of its economic exploitation while increasing the costs of duplicate research; a high degree of knowledge diversity impedes its prompt economic exploitation but enhances long-term economic growth. A simple model substantiates this tradeoff and serves as the basis for a general reflection on institutional frames in basic science. A Monte–Carlo simulation delivers structural equilibria subject to knowledge overlaps among researchers induced by institutional frames.

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  • Grebel, Thomas, 2013. "On the tradeoff between similarity and diversity in the creation of novelty in basic science," Structural Change and Economic Dynamics, Elsevier, vol. 27(C), pages 66-78.
    • Handle: RePEc:eee:streco:v:27:y:2013:i:c:p:66-78
    DOI: 10.1016/j.strueco.2013.08.001
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    More about this item

    Keywords

    Knowledge diversity; Similarity; Economics of science; Knowledge creation; Basic science;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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