In a game-theoretic model where agents compete for claims to a consumption stream, we characterize how creative destruction affects risk, wealth, and prices. Overinvestment not only imposes excessive disruption risk on existing assets and higher technological uncertainty, it also increases the...

The National Institute of Health (NIH), through its extramural grant program, is the primary public funder of health-related research in the United States. Peer review at NIH is organized around the twin principles of investigator initiation and rigorous peer review, and this combination has...