Labour Markets Workshops
Exploration and Exploitation in US Technological Change
Mirko Draca (University of Warwick and CEP)
Tuesday 26 November 2024 12:55 - 14:00
SAL 2.04, 2nd Floor Conference Room, Sir Arthur Lewis Building, LSE, 32 Lincoln's Inn Fields, London WC2A 3PH
About this event
How do firms and inventors move through knowledge space as they develop their innovations? We propose a method for tracking patterns of exploration and exploitation in patenting behaviour in the US for the period since 1920. Our exploration measure is constructed from the text of patents and involves the use of Bayesian Surprise to measure how different current patent-based innovations are from existing portfolios. Our results indicate that there are distinct life-cycle patterns to firm and inventor exploration. Furthermore, exploration activity is more geographically concentrated than general patenting, but this concentration is centred outside the main hubs of patenting.
Participants are expected to adhere to the CEP Events Code of Conduct.
Directions
This event will take place in SAL 2.04, 2nd Floor Conference Room, Sir Arthur Lewis Building, LSE, 32 Lincoln's Inn Fields, London WC2A 3PH.
The building is labelled SAL on the LSE campus map. You can also find us on Google Maps. For further information, go to contact us.Labour Markets Workshops are part of the CEP's Labour Markets programme.