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- W2406330949 abstract "This paper studies social learning by a succession of forward-looking agents who endogenously choose their information according to the exploration-exploitation tradeo at the heart of the experimentation paradigm. We analyze social experimentation with a continuum of interdependent technologies, emphasizing the distinction, fundamental in the literature on innovations, between radical and marginal innovations. We characterize alternating cycles between radical and marginal innovations, and nd that radical innovation must stagnate in the long run for all parameters of our model. We also establish a negative relationship between past innovation successes and the magnitude of radical innovations." @default.
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- W2406330949 date "2013-01-01" @default.
- W2406330949 modified "2023-09-27" @default.
- W2406330949 title "Social Experimentation and Innovation Cycles" @default.
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