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Optimal diversity: increasing returns versus recombinant innovation
[Zeitschriftenartikel]
Abstract Choices regarding diversity play an important role in economics and innovation management, but often remain implicit. Once made explicit, the objectives of efficiency and diversity are usually posed as in conflict, as efficiency relates positively and diversity negatively to various increasing retur... mehr
Choices regarding diversity play an important role in economics and innovation management, but often remain implicit. Once made explicit, the objectives of efficiency and diversity are usually posed as in conflict, as efficiency relates positively and diversity negatively to various increasing returns to scale in markets. Such a perspective, however, neglects the benefits of diversity in terms of realizing system improvements through recombinant innovation or spillovers. The latter implies a contribution of diversity to long-term efficiency. Dominant economic approaches that address diversity, such as option value and real options theories, regard benefits of diversity as exogenous. This paper proposes a simple model of variable, endogenous diversity to analyse the optimal balance between increasing returns to scale and recombinant innovation. It is discussed under which conditions one of four solutions is optimal: complete specialization regardless of which option, complete specialization in one specific option, symmetric diversity (perfect balance), and asymmetric diversity. The results give rise to a number of policy insights.... weniger
Thesaurusschlagwörter
Evolution
Klassifikation
Allgemeines, spezielle Theorien und "Schulen", Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaften
Volkswirtschaftslehre
Freie Schlagwörter
Balance; Disparity; Distribution; Economies of scale; Efficiency; Exploration versus exploitation; Investment theory; Learning; R&D; B52; O31; Q28; Q42
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 565-580
Zeitschriftentitel
Journal of Economic Behavior & Organization, 68 (2008) 3-4
DOI
https://doi.org/10.1016/j.jebo.2008.09.003
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)