The effects of rivalry on scientific progress under public vs private learning

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Hoppe-Wewetzer, H.; Katsenos, G.; Ozdenoren, E.: The effects of rivalry on scientific progress under public vs private learning. In: Journal of Economic Theory 212 (2023), 105702. DOI: https://doi.org/10.1016/j.jet.2023.105702

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Sum total of downloads: 11




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Abstract: 
We offer a model of scientific progress in which uncertainty resolves over time. We show that rivalry leads to less experimentation, extending results for preemption games to experimentation with uncertain outcomes. We compare experimentation duration and welfare when experimental outcomes are publicly versus privately observable. We show that public learning can generate more experimentation and higher welfare when uncertainty about the feasibility of a breakthrough is large; breakthroughs are rare even when they are feasible; and experiments produce results infrequently. Our results shed light on recent criticism of the science system.
License of this version: CC BY 4.0 Unported
Document Type: Article
Publishing status: publishedVersion
Issue Date: 2023
Appears in Collections:Wirtschaftswissenschaftliche Fakultät

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pos. country downloads
total perc.
1 image of flag of United States United States 6 54.55%
2 image of flag of Indonesia Indonesia 2 18.18%
3 image of flag of Germany Germany 2 18.18%
4 image of flag of Russian Federation Russian Federation 1 9.09%

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