HAL will be down for maintenance from Friday, June 10 at 4pm through Monday, June 13 at 9am. More information
Skip to Main content Skip to Navigation
Preprints, Working Papers, ...

Fear of novelty : a model of scientific discovery with strategic uncertainty

Abstract : This paper analyzes the production of fundamental research as a coordination game played by scholars. In the model, scholars decide to adopt a new idea only if they believe that a critical mass of peers is following a similar research strategy. If researchers observe only a noisy idiosyncratic signal of the true scientifi…c potential of a new idea, we show that the game presents a single threshold equilibrium. In this environment, fundamental research proceeds with large structural breaks followed by long periods of time in which new ideas are unsuccessful. The likelihood of a new idea emerging depends on various parameters, including the rewards of working in the old paradigm, the critical mass of researchers required to create a new school of thought and scholars’ ability to properly assess the scientifi…c value of new ideas.
Document type :
Preprints, Working Papers, ...
Complete list of metadata

Cited literature [25 references]  Display  Hide  Download

https://hal-essec.archives-ouvertes.fr/hal-01117929
Contributor : Régine Belliard Connect in order to contact the contributor
Submitted on : Wednesday, February 18, 2015 - 11:04:03 AM
Last modification on : Tuesday, December 14, 2021 - 3:55:54 AM
Long-term archiving on: : Sunday, April 16, 2017 - 9:46:07 AM

File

WP1503.pdf
Publisher files allowed on an open archive

Identifiers

  • HAL Id : hal-01117929, version 1

Citation

Damien Besancenot, Radu Vranceanu. Fear of novelty : a model of scientific discovery with strategic uncertainty. 2014. ⟨hal-01117929⟩

Share

Metrics

Record views

184

Files downloads

721