A Quest for Knowledge

• 成果类型: Article
• 署名作者: Carnehl, Christoph; Schneider, Johannes
• 署名单位: Bocconi University; Bocconi University; Universidad Carlos III de Madrid
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA22144
• 发表日期: 2025
• 页码: 623-659
• 关键词: EPISTEMIC LANDSCAPES; division; TRIAL; MODEL

摘要

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.