Research cycles

• 成果类型: Article
• 署名作者: Bramoulle, Yann; Saint-Paul, Gilles
• 署名单位: Laval University; Laval University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.02.004
• 发表日期: 2010
• 页码: 1890-1920
• 关键词: Research dynamics; Innovation cycles; Scientific fads

摘要

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 cyclical dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications. (C) 2010 Elsevier Inc. All rights reserved.