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Exploration and exploitation in US technological change
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Carvalho, Vasco M., Draca, Mirko and Kuhlen, Nikolas (2021) Exploration and exploitation in US technological change. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1366). (Unpublished)
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Official URL: https://warwick.ac.uk/fac/soc/economics/research/w...
Abstract
How do firms and inventors move through ‘knowledge space’ as they develop their innovations? We propose a method for tracking patterns of ‘exploration and exploitation’ in patenting behaviour in the US for the period since 1920. Our exploration measure is constructed from the text of patents and involves the use of ‘Bayesian Surprise’ to measure how different current patent-based innovations are from existing portfolios. Our results indicate that there are distinct ‘life-cycle’ patterns to firm and inventor exploration. Furthermore, exploration activity is more geographically concentrated than general patenting, but this concentration is centred outside the main hubs of patenting.
| Item Type: | Working or Discussion Paper (Working Paper) | ||||||
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| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HF Commerce T Technology > T Technology (General) > T201 Patents. Trademarks |
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| Divisions: | Faculty of Social Sciences > Economics | ||||||
| Library of Congress Subject Headings (LCSH): | Patents, Technological innovations -- United States , Creative ability in technology -- United States, Diffusion of innovations -- United States, Technology transfer -- United States, New products -- Mathematical models | ||||||
| Series Name: | Warwick economics research papers series (WERPS) | ||||||
| Publisher: | University of Warwick. Department of Economics | ||||||
| Place of Publication: | Coventry | ||||||
| ISSN: | 0083-7350 | ||||||
| Official Date: | August 2021 | ||||||
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| Number: | 1366 | ||||||
| Institution: | University of Warwick | ||||||
| Status: | Not Peer Reviewed | ||||||
| Publication Status: | Unpublished | ||||||
| Access rights to Published version: | Open Access | ||||||
| Description: | This paper also appears as CAGE Discussion paper 575 |
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| RIOXX Funder/Project Grant: |
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