A Quest for Knowledge
Fuente:
arXiv
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| Hauptverfasser: | , |
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| Format: | Preprint |
| Veröffentlicht: |
2021
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| Schlagworte: | |
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| _version_ | 1866910740792737792 |
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| author | Carnehl, Christoph Schneider, Johannes |
| author_facet | Carnehl, Christoph Schneider, Johannes |
| contents | Is more novel research always desirable? We develop a model in which knowledge shapes society's policies and guides the search for discoveries. Researchers select a question and how intensely to study it. The novelty of a question determines both the value and difficulty of discovering its answer. We show that the benefits of discoveries are nonmonotone in novelty. Knowledge expands endogenously step-by-step over time. Through a dynamic externality, moonshots -- research on questions more novel than what is myopically optimal -- can improve the evolution of knowledge. Moonshots induce research cycles in which subsequent researchers connect the moonshot to previous knowledge. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2102_13434 |
| institution | arXiv |
| publishDate | 2021 |
| record_format | arxiv |
| spellingShingle | A Quest for Knowledge Carnehl, Christoph Schneider, Johannes Theoretical Economics Is more novel research always desirable? We develop a model in which knowledge shapes society's policies and guides the search for discoveries. Researchers select a question and how intensely to study it. The novelty of a question determines both the value and difficulty of discovering its answer. We show that the benefits of discoveries are nonmonotone in novelty. Knowledge expands endogenously step-by-step over time. Through a dynamic externality, moonshots -- research on questions more novel than what is myopically optimal -- can improve the evolution of knowledge. Moonshots induce research cycles in which subsequent researchers connect the moonshot to previous knowledge. |
| title | A Quest for Knowledge |
| topic | Theoretical Economics |
| url | https://arxiv.org/abs/2102.13434 |