We present empirical evidence of how prior outcomes affect individual investors' subsequent risk taking. Investors who experience big gains or big losses are likely to exit the stock market; however, investors remaining in the market increase their portfolio risk taking following losses. They...

This paper contrasts two modes of innovation. One, the Science, Technology and Innovation (STI) mode, is based on the production and use of codified scientific and technical knowledge. The other, the Doing, Using and Interacting (DUI) mode, relies on informal processes of learning and...