Psychology and the economics of invention

Robert C. Allen

doi:10.1017/S0140525X19000189

Psychology and the economics of invention

Robert C. Allen

Economics

Research output: Contribution to journal › Comment/debate › peer-review

Abstract

Invention is an investment in which the costs of the Research and Development (R&D) project balance future returns. Those returns depend on objective factors like wage and capital costs but also on subjective factors because they are future projections. The more optimistic the inventor, the higher are the projected returns. Baumard uses Life History Theory (LHT) to relate optimism to the affluence of inventors and their societies.

Original language	English (US)
Pages (from-to)	e191
Journal	The Behavioral and brain sciences
Volume	42
DOIs	https://doi.org/10.1017/S0140525X19000189
State	Published - Nov 20 2019

ASJC Scopus subject areas

Neuropsychology and Physiological Psychology
Physiology
Behavioral Neuroscience

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10.1017/S0140525X19000189

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Psychology and the economics of invention

Abstract

ASJC Scopus subject areas

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