risk for innovation decisions. Our analysis uses a risk measure and a new outcome-independent measure of ambiguity. We find …. We also find a significant positive effect of risk on R&D, but the effect of risk on patents and citations is negative …

these predictions in a laboratory experiment where we find evidence in support of our theoretical predictions …

uncertainty. We designed a multi-period experiment in which each period consisted of two stages, an R&D phase and a pricing stage …. Participants in the experiment had almost no information about the underlying functions, parameters, and probabilities. Subjects …' behavior in the fundamentally uncertain environment of our experiment may best be characterized as some kind of procedural …

which lottery probabilities more divergent demand lotteries positively or negatively affect the decision to start R&D. Using …

We develop a theory of innovation waves, investor sentiment, and merger activity based on Knightian uncertainty …

We live in a ‘zero-risk society', characterized by a culture that is obsessed with controlling and removing any … known unknowns but even unknown unknowns. This may sound like a paradox, but, bold risk-taking is an essential ingredient of … attribute this to five deeper causes: (i) risk aversion as a consequence of increasing wealth and aging; (ii) increasing …