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26 février 2021
- 2102.13434
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Economics - Theoretical EconomicsSujets proches
Scientific research Science research Science--ResearchCiter ce document
Christoph Carnehl et al., « A Quest for Knowledge », arXiv - économie
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Résumé
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.