Creative intelligence

This paper examines the behavioural finance aspects of developed countries which invest significantly in R%D, while trying to benefit from this investment, within the framework of the so called 'creative intelligence'. At this level, creative intelligence lies in the framework of the 'intelligent' way which must be used to assure creativity and thus innovation. As its name suggests, creative intelligence excludes imitation. Therefore, firstly, it requires an important investment in R%D that manifests itself in the developed countries. The resulting technological change seems to be a necessary but insufficient condition to assure innovation. Indeed, two other factors are necessary for that: the patent, as a form of protection of intellectual property rights, and the human capital (and thus the education). The resulting innovation can be of two forms: either horizontal or vertical, though more interest should be given to vertical innovations since there is a priority in households for quality. The relationship between R%D and stock markets will allow better understanding of the relationship between R%D, innovation, and the benefits that result.