The Benefits of Risky Science. / Mandler, Michael.

In: The Economic Journal, Vol. 127, No. 603, 01.08.2017, p. 1495–1526.

Research output: Contribution to journalArticlepeer-review

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The Benefits of Risky Science. / Mandler, Michael.

In: The Economic Journal, Vol. 127, No. 603, 01.08.2017, p. 1495–1526.

Research output: Contribution to journalArticlepeer-review

Harvard

Mandler, M 2017, 'The Benefits of Risky Science', The Economic Journal, vol. 127, no. 603, pp. 1495–1526. https://doi.org/10.1111/ecoj.12324

APA

Mandler, M. (2017). The Benefits of Risky Science. The Economic Journal, 127(603), 1495–1526. https://doi.org/10.1111/ecoj.12324

Vancouver

Mandler M. The Benefits of Risky Science. The Economic Journal. 2017 Aug 1;127(603):1495–1526. https://doi.org/10.1111/ecoj.12324

Author

Mandler, Michael. / The Benefits of Risky Science. In: The Economic Journal. 2017 ; Vol. 127, No. 603. pp. 1495–1526.

BibTeX

@article{a146d26591b64ad19af83502519940ea,
title = "The Benefits of Risky Science",
abstract = "When scientists choose research projects that have the highest expected value, an externality can appear. Slight variations on the existing work will be selected in preference to new lines of research that can, when followed up selectively, generate more expected value over time. New research enjoys two advantages: it is riskier and hence more likely to lead to high-value follow-up projects and it can generate more follow-up projects. Several cures for the externality are analysed: less communication among scientists, markets for the right to undertake follow-up projects and the pursuit of citations rather than expected value as a goal for scientists.",
author = "Michael Mandler",
year = "2017",
month = aug,
day = "1",
doi = "10.1111/ecoj.12324",
language = "English",
volume = "127",
pages = "1495–1526",
journal = "The Economic Journal",
issn = "0013-0133",
publisher = "Wiley-Blackwell",
number = "603",

}

RIS

TY - JOUR

T1 - The Benefits of Risky Science

AU - Mandler, Michael

PY - 2017/8/1

Y1 - 2017/8/1

N2 - When scientists choose research projects that have the highest expected value, an externality can appear. Slight variations on the existing work will be selected in preference to new lines of research that can, when followed up selectively, generate more expected value over time. New research enjoys two advantages: it is riskier and hence more likely to lead to high-value follow-up projects and it can generate more follow-up projects. Several cures for the externality are analysed: less communication among scientists, markets for the right to undertake follow-up projects and the pursuit of citations rather than expected value as a goal for scientists.

AB - When scientists choose research projects that have the highest expected value, an externality can appear. Slight variations on the existing work will be selected in preference to new lines of research that can, when followed up selectively, generate more expected value over time. New research enjoys two advantages: it is riskier and hence more likely to lead to high-value follow-up projects and it can generate more follow-up projects. Several cures for the externality are analysed: less communication among scientists, markets for the right to undertake follow-up projects and the pursuit of citations rather than expected value as a goal for scientists.

U2 - 10.1111/ecoj.12324

DO - 10.1111/ecoj.12324

M3 - Article

VL - 127

SP - 1495

EP - 1526

JO - The Economic Journal

JF - The Economic Journal

SN - 0013-0133

IS - 603

ER -