Never‐Ending Search for Innovation
构建了一个动态创新投资模型，研究者每期从多个异质性项目中选投，发现一旦开始搜寻创新，最优策略是永不停止，且可能永远找不到。
ABSTRACT We provide a model of investment in innovation that is dynamic, features multiple heterogeneous research projects of which only one potentially leads to success, and in each period, the researcher chooses the set of projects to invest in. We show that if a search for innovation starts, it optimally does not end until the innovation is found—which will be never with a strictly positive probability.