Innovation, growth, and welfare-improving cycles

Article Abstract:

A Schumpeterian analysis of the impact of innovation cycles on welfare was performed through the formulation of a model where aggregate level cycles in productivity growth emerge in an endogenous fashion. This study reveals a medium innovation cycle length which improves welfare or growth, or both, among equilibria of different cycle length. Such length is positively based on the productivity of innovation. In contrast, longer cycles can also maximize welfare because the innovator can accumulate greater project-specific human capital that increases the likelihood of the success of innovation.

Business, Innovations, Business cycles, Corporate growth

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Correlated types and Bayesian incentive compatible mechanisms with budget balance

Article Abstract:

The existence of Bayesian incentive compatible mechanisms can be confirmed in systems where a correlation of agent private signals occurs and the decision rule chosen by social planners and agents is virtually inefficient. Unlike conventional mechanisms, the proposed condition promises robust results even if agent types are mutually payoff-relevant. Aside from being simple and easy to carry out, the system can be used in almost every manner agent types are distributed.

Models, Bayesian statistical decision theory, Bayesian analysis

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