A Quest for Knowledge Articles uri icon

authors

  • Carnehl, Christoph
  • SCHNEIDER, JOHANNES SIEGFRIED

publication date

  • March 2025

start page

  • 623

end page

  • 659

issue

  • 2

volume

  • 93

International Standard Serial Number (ISSN)

  • 0012-9682

Electronic International Standard Serial Number (EISSN)

  • 1468-0262

abstract

  • Is more novel research always desirable? We develop a model in which knowledge shapes society's policies and guides the search for discoveries. Researchers select a question and how intensely to study it. The novelty of a question determines both the value and difficulty of discovering its answer. We show that the benefits of discoveries are nonmonotone in novelty. Knowledge expands endogenously step-by-step over time. Through a dynamic externality, moonshots research on questions more novel than what is myopically optimal can improve the evolution of knowledge. Moonshots induce research cycles in which subsequent researchers connect the moonshot to previous knowledge.

subjects

  • Economics
  • Mathematics
  • Statistics

keywords

  • science of science; search on brownian path; knowledge creation