Showing 1 - 10 of 229
. We consider a dynamic game in which firms improve both a new and a rival old technology while learning about the relative … particular, the model explains why a change in market leadership often goes along with slow diffusion. It also provides a …
Persistent link: https://www.econbiz.de/10005504449
occupations are also a fundamental, but overlooked, driver of innovation. Theory also suggests cities are important for both … the links between creative industries, occupations, cities and innovation at the firm level. This paper addresses this gap … driver of innovation. We find no support for the hypothesis that urban creative industries firms are particularly innovative …
Persistent link: https://www.econbiz.de/10011083220
specialization and diversity? To what extent does the structure of cities, and the activities of firms and people in them, change …
Persistent link: https://www.econbiz.de/10005791261
This Paper considers the financing of a research project under uncertainty about the time of completion and the probability of eventual success. The uncertainty about future success diminishes gradually with the arrival of additional funding. The entrepreneur controls the funds and can divert...
Persistent link: https://www.econbiz.de/10005791971
We analyse the consumption strategy of a dynamically inconsistent individual for goods that provide an immediate benefit and a delayed cost. The agent has incomplete information on the cost inherent to each unit of consumption and partially learns this value anytime he consumes. We show that, by...
Persistent link: https://www.econbiz.de/10005504250
An economy consists of many duopolistic markets. Firms must earn normal profits in the long run if they are to survive. Normal profits are interpreted as the long-run limit of average profits in the whole economy. We adopt the aspiration based model of firm behaviour, and link it to the economy...
Persistent link: https://www.econbiz.de/10005504330
Economists traditionally tackle normative problems by computing optimal policy, ie the one that maximizes a social welfare function. In practice, however, a succession of marginal changes to a limited number of policy instruments are implemented, until no further improvement is feasible. I call...
Persistent link: https://www.econbiz.de/10005504617
This paper investigates whether different systems of financial market organization influence the way in which newly created stock markets become more (weak-form) efficient. The author conducts a detailed comparative analysis of stocks listed on the Budapest and Warsaw Stock Exchanges, 1991-98,...
Persistent link: https://www.econbiz.de/10005497754
convincing explanation for clusters of firms than heterogeneous entry costs. The evidence supports the role of learning even … learning mechanism are confirmed by the data. …
Persistent link: https://www.econbiz.de/10005497788
We analyse an agency model where one individual decides how much evidence he collects. We assume that he has free access to information, but all the news acquired becomes automatically public. Conditional on the information disclosed, a second individual with conflicting preferences undertakes...
Persistent link: https://www.econbiz.de/10005497927