A note on the behavioral political economy of innovation policy

Autor:	Jan Schnellenbach, Christian Schubert
Rok vydání:	2019
Předmět:	Economics and Econometrics Entrepreneurship business.industry 05 social sciences Public sector General Business Management and Accounting Incentive Loss aversion Political economy 0502 economics and business Economics Profitability index 050207 economics business 050203 business & management Budget constraint Sunk costs Overconfidence effect
Zdroj:	Journal of Evolutionary Economics. 29:1399-1414
ISSN:	1432-1386 0936-9937
DOI:	10.1007/s00191-019-00625-y
Popis:	We propose that policy-making in the realm of innovation policy can be fruitfully analyzed from the perspective of Behavioral Political Economy. Citizens, policy-makers and also bureaucrats are prone to biases that have been empirically identified in behavioral economic and psychological research. When applied to innovation policy, it can be shown that under certain conditions, policy-makers are willing to support riskier innovative projects and that this tendency is amplified by public sector incentives, such as soft budget constraints. The same holds for a tendency to support ongoing innovative projects even if their profitability becomes increasingly doubtful. Finally, we also highlight how special-interest policies aimed at distorting risk perceptions can slow down the innovation process.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::f8857d69cdc0fde3e04bd0d5a6799842 https://doi.org/10.1007/s00191-019-00625-y Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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