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Inventive Activity and Risk Aversion

In: Recent Developments in the Theory of Industrial Organization

Author

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  • Damiano Silipo

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.

Suggested Citation

  • Damiano Silipo, 1992. "Inventive Activity and Risk Aversion," Palgrave Macmillan Books, in: Alfredo Monte (ed.), Recent Developments in the Theory of Industrial Organization, chapter 12, pages 278-292, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11771-0_13
    DOI: 10.1007/978-1-349-11771-0_13
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