INDUCING VARIETY: A THEORY OF INNOVATION CONTESTS

This article analyzes the design of innovation contests when the quality of an innovation depends on the research approach, but the best approach is unknown. Inducing a variety of research approaches generates an option value. We show that suitable contests can induce such variety. The buyer‐optimal...

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Bibliographic details
Volume: 60
Main Author: Letina, Igor
Schmutzler, Armin
Format: Journal Article
Language: English
Zielgruppe: Academic
Place of publication: HOBOKEN WILEY 01.11.2019
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published in: International economic review (Philadelphia) Vol. 60; no. 4; pp. 1757 - 1780
Data of publication: November 2019
ISSN: 0020-6598
1468-2354
EISSN: 1468-2354
Discipline: Economics
Bibliography: We are grateful to the associate editor and three anonymous referees for helpful comments and to Raphael Anthamatten, José Apesteguia, Jean‐Michel Benkert, Dirk Bergemann, Alessandro Bonatti, Stefanie Bossard, Bernhard Ganglmair, Claudia Geiser, Ulrich Kamecke, Navin Kartik, Alessandro Lizzeri, Christian Michel, Joao Montez, Georg Nöldeke, Nick Netzer, Marco Ottaviani, Konrad Stahl, and David Wettstein and to various seminar audiences for helpful discussions. Shuo Liu provided excellent research assistance. Letina would like to thank Stanford University for its hospitality and the Swiss National Science Foundation for financial support (projects P1ZHP1_155283 and 100014_131854).
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Online Access: Fulltext
Database: Social Sciences Citation Index
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Web of Science - Social Sciences Citation Index – 2019
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