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Idea Diffusion and Property Rights
2023-11-17
Time: 10:00 am- 11:30 am, Nov. 17th, 2023
Speaker: Zhu Wang
(Federal Reserve Bank of Richmond)
Platform: Teams
Meeting ID: 429 978 548 050
Passcode: Jx8NX8
Abstract:
We study innovation and diffusion of technology at the industry level. We derive an industry's evolution, from birth to its maturity, and we characterize how diffusion affects the incentive to innovate. The model implies that protection of innovators should be only partial due to the matching externality in the meetings in which idea transfers take place. The model also shows that enhancing idea diffusion is socially beneficial and can generate industry overtaking patterns endogenously. We fit the model to the early experiences of the U.S. automobile and personal computer industries and quantify the theoretical predictions.
Speaker:
Zhu Wang is the vice president for research in financial and payments systems in the Research Department of Federal Reserve Bank of Richmond. Dr. Wang’s research interests include macroeconomics, industry dynamics and productivity, banking, payments, and financial systems. His work has been published in American Economic Review, Journal of Monetary Economics, The RAND Journal of Economics, Review of Economic Dynamics, and other academic journals. He obtained his Ph.D. in economics from University of Chicago in 2004.