On the Direction of Innovation
On the Direction of Innovation
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论创新方向
DOI：
10.1086/714093
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发表时间：
2021
影响因子：
8.2
通讯作者：
Squintani, Francesco
中科院分区：
文献类型：
--
作者：
Hopenhayn, Hugo;Squintani, Francesco
如何在不同的研发领域分配资源（即，问题需要解决）。由于动态拥堵外部性，竞争性市场将过多的资源分配给那些高回报的资源，即那些具有更高私人（和社会）回报的资源。好的问题处理得太快，结果是开放研究问题在社会最优解决方案中的分布随机支配了竞争均衡的分布。在后一种情况下，出现了严重的租金耗散，即研发活动的总价值等于将所有资源分配给价值最低的问题的价值。由此造成的损失可能是巨大的。
How are resources allocated across different R&D areas (i.e., problems to be solved)? As a result of dynamic congestion externalities, the competitive market allocates excessive resources into those of high return, being those with higher private (and social) payoffs. Good problems are tackled too soon, and as a result the distribution of open research problems in the socially optimal solution stochastically dominates that of the competitive equilibrium. A severe form of rent dissipation occurs in the latter, where the total value of R&D activity equals the value of allocating all resources to the least valuable problem solved. Resulting losses can be substantial.