A Stochastic Model of Applied Research
Journal of Political Economy
1976
A mathematical model of applied research is formulated. It views applied research as a search in a given distribution; basic research shifts the distribution searched. The productivity of applied research effort is a function of the gap between technology in practice and basic knowledge. With constant basic and applied research a (stochastic) steady state emerges in which technological change is determined by the rate of progress of basic knowledge, and the technological gap by the level of applied research.
- DOI
- 10.1086/260431
- Volume
- 84 (2)
- Pages
- 265-281
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref