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Research cycles

Author

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  • Bramoullé, Yann
  • Saint-Paul, Gilles
Abstract
This paper studies the dynamics of fundamental research. We develop a simple model where researchers allocate their effort between improving existing fields and inventing new ones. A key assumption is that scientists derive utility from recognition from other scientists. We show that the economy can be either in a regime where new fields are constantly invented, and then converges to a steady state, or in a cyclical regime where periods of innovation alternate with periods of exploitation. Our analysis provides a rigorous foundation to the Kuhnian theory of scientific evolution. We show that scientists' care for reputation has a strong impact on research dynamics and tends to favor innovation. Especially, innovation fads may emerge. We also study welfare and find that the academic reputational reward system can help align scientists' short-term incentives with society's long-term interests.

Suggested Citation

  • Bramoullé, Yann & Saint-Paul, Gilles, 2010. "Research cycles," Journal of Economic Theory, Elsevier, vol. 145(5), pages 1890-1920, September.
    • Handle: RePEc:eee:jetheo:v:145:y:2010:i:5:p:1890-1920
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    Cited by:

    1. Cozzi, Guido & Galli, Silvia, 2021. "Privatization of knowledge: Did the U.S. get it right?," Economic Modelling, Elsevier, vol. 98(C), pages 179-191.
    2. Javier Gómez Pineda, 2008. "El crecimiento económico y la supervivencia: el caso de las matemáticas y la economía"," Borradores de Economia 4579, Banco de la Republica.
    3. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," Working Papers halshs-00590527, HAL.
    4. Carillo, Maria Rosaria & Papagni, Erasmo, 2014. "“Little Science” and “Big Science”: The institution of “Open Science” as a cause of scientific and economic inequalities among countries," Economic Modelling, Elsevier, vol. 43(C), pages 42-56.
    5. Damien Besancenot & Habib Dogguy, 2011. "Paradigm Shift," CEPN Working Papers halshs-00590527, HAL.
    6. Damien Besancenot & Radu Vranceanu, 2015. "Fear Of Novelty: A Model Of Scientific Discovery With Strategic Uncertainty," Economic Inquiry, Western Economic Association International, vol. 53(2), pages 1132-1139, April.
    7. Jonathan S. Feinstein, 2017. "The Creative Development of Fields: Learning, Creativity, Paths, Implications," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 23-62, March.
    8. Damien Besancenot & Radu Vranceanu, 2014. "Fear of novelty : a model of scientific discovery with strategic uncertainty," CEPN Working Papers hal-01117929, HAL.

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    More about this item

    Keywords

    Research dynamics Innovation cycles Scientific fads;

    JEL classification:

    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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