The Benefits of Risky Science
Bibliographic Data
| ID | 9711489 |
|---|---|
| Authors | Michael Mandler (0000-0002-4467-7916, Royal Holloway College University of London, corresponding author) |
| Year | 2017 |
| Volume | 127 |
| Issue | 603 |
| Pages | 1495-1526 |
| Publication date | 2017-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12324 |
| OpenAlex | W3121181649 |
| Language | EN |
| References cited | 18 |
When scientists choose research projects that have the highest expected value, an externality can appear. Slight variations on the existing work will be selected in preference to new lines of research that can, when followed up selectively, generate more expected value over time. New research enjoys two advantages: it is riskier and hence more likely to lead to high‐value follow‐up projects and it can generate more follow‐up projects. Several cures for the externality are analysed: less communication among scientists, markets for the right to undertake follow‐up projects and the pursuit of citations rather than expected value as a goal for scientists
Business · Economics · Externality · Microeconomics · Preference · Value (mathematics · Work (physics · Computer Science · Engineering · Innovation Policy and RD · Intellectual Property and Patents · Marketing · scientometrics and bibliometrics research
The Rise of the Standard Model
Groups of diverse problem solvers can outperform groups of high-ability problem solvers
A Simple Model of Herd Behavior
Toward a new economics of science
The structure of scientific revolutions
Sequential innovation, patents, and imitation
A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
The Simple Economics of Research Portfolios
| Citation velocity | historical |
|---|---|
| Highly cited | No |