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Research Cycles

Author

Listed:
  • Yann Bramoullé
  • Gilles Saint-Paul

Abstract

This paper studies the dynamics of fundamental research. We develop a simple model where researchers allocate their effort between improving existing fields and inventing new ones. A key assumption is that scientists derive utility from recognition from other scientists. We show that the economy can be either in a regime where new fields are constantly invented, and then converges to a steady state, or in a cyclical regime where periods of innovation alternate with periods of exploitation. We characterize the cyclicals dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications.

Suggested Citation

  • Yann Bramoullé & Gilles Saint-Paul, 2007. "Research Cycles," Cahiers de recherche 0704, CIRPEE.
    • Handle: RePEc:lvl:lacicr:0704
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    File URL: http://www.cirpee.org/fileadmin/documents/Cahiers_2007/CIRPEE07-04.pdf
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    References listed on IDEAS

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    1. Jovanovic, Boyan & Nyarko, Yaw, 1996. "Learning by Doing and the Choice of Technology," Econometrica, Econometric Society, vol. 64(6), pages 1299-1310, November.
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    Cited by:

    1. Cozzi, Guido & Galli, Silvia, 2021. "Privatization of knowledge: Did the U.S. get it right?," Economic Modelling, Elsevier, vol. 98(C), pages 179-191.
    2. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," Working Papers halshs-00590527, HAL.
    3. Carillo, Maria Rosaria & Papagni, Erasmo, 2014. "“Little Science” and “Big Science”: The institution of “Open Science” as a cause of scientific and economic inequalities among countries," Economic Modelling, Elsevier, vol. 43(C), pages 42-56.
    4. repec:hal:cepnwp:halshs-00590527 is not listed on IDEAS
    5. Damien Besancenot & Radu Vranceanu, 2015. "Fear Of Novelty: A Model Of Scientific Discovery With Strategic Uncertainty," Economic Inquiry, Western Economic Association International, vol. 53(2), pages 1132-1139, April.
    6. Jonathan S. Feinstein, 2017. "The Creative Development of Fields: Learning, Creativity, Paths, Implications," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 23-62, March.
    7. Javier Gómez Pineda, 2008. "El crecimiento económico y la supervivencia: el caso de las matemáticas y la economía"," Borradores de Economia 4579, Banco de la Republica.
    8. repec:hal:cepnwp:hal-01117929 is not listed on IDEAS

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    More about this item

    Keywords

    Research dynamics; innovation cycles; indeterminacy;
    All these keywords.

    JEL classification:

    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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