Arbeitspapier
Exploration and exploitation: the role of entrepreneurship and R&D in the process of innovation
We formulate a model that explicitly separates two functions in the innovation process: The introduction of new goods and the quality improvement of existing goods. While the latter is performed by the corporate R&D sector, the first is performed by entrepreneurs. We show that in a three sector economy, which also includes a producing sector, there exists a stable non trivial allocation of labor to production, innovation and entrepreneurship. We compute the steady state allocation of labor to production, R&D and Entrepreneurship. We show that the innovation rate decreases if one of the innovative sectors does not exist.
- Language
-
Englisch
- Bibliographic citation
-
Series: Jena Economic Research Papers ; No. 2007,108
- Classification
-
Wirtschaft
Innovation and Invention: Processes and Incentives
One, Two, and Multisector Growth Models
- Subject
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Innovation
Variety Expansion
Quality Ladders
Entrepreneurship
R&D Sector
Innovation
Produktqualität
Unternehmer
Industrielle Forschung
Mehr-Sektoren-Modell
Arbeit
Allokation
Dynamisches Gleichgewicht
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Keilbach, Max
Sanders, Mark
- Event
-
Veröffentlichung
- (who)
-
Friedrich Schiller University Jena and Max Planck Institute of Economics
- (where)
-
Jena
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Keilbach, Max
- Sanders, Mark
- Friedrich Schiller University Jena and Max Planck Institute of Economics
Time of origin
- 2007
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Innovationsmanagement zwischen Exploration und Exploitation
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The importance of exploration and exploitation innovation in emerging economies
The implied exploration-exploitation trade-off in human motor learning
Dopamine blockade impairs the exploration-exploitation trade-off in rats
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The Role of Ambidexterity in Marketing Strategy Implementation: Resolving the Exploration-Exploitation Dilemma
The Role of Ambidexterity in Marketing Strategy Implementation: Resolving the Exploration-Exploitation Dilemma
Medicinal polypharmacology: exploration and exploitation of the polypharmacolome in modern drug development
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