Method for optimal search on a technology landscape
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United States of America Patent
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Issued Date -
Nov 15, 2001
app pub date -
Feb 28, 2001
filing date -
Aug 31, 1998
priority date (Note) -
Abandoned
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Abstract
Technological change at the firm-level has commonly been modeled as random sampling from a fixed distribution of possibilities. Such models, however, typically ignore empirically important aspects of the firm's search process, notably the observation that the present state of the firm guides future innovation. In this paper we explicitly treat this aspect of the firm's search for technological improvements by introducing a 'technology landscape' into an otherwise standard dynamic programming setting where the optimal strategy is to assign a reservation price to each possible technology. Search is modeled as movement, constrained by the cost of innovation, over the technology landscape. Simulations are presented on a stylized technology landscape while analytic results are derived using landscapes that are similar to Markov random fields. We find that early in the search for technological improvements, if the initial position is poor or average, it is optimal to search far away on the technology landscape; but as the firm succeeds in finding technological improvements it is optimal to confine search to a local region of the landscape. We obtain the result that there are diminishing returns to search without having to make the assumption that the firm's repeated draws from the search space are independent and identically distributed.
First Claim
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- 15 United States
- 10 France
- 8 Japan
- 7 China
- 5 Korea
- 2 Other
Patent Owner(s)
Patent Owner | Address | |
---|---|---|
NUTECH SOLUTIONS INC | 8401 UNIVERSITY EXECUTIVE PARK SUITE 102 CHARLOTTE NC 28262 |
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- [Patents Count]
Inventor(s)
Inventor Name | Address | # of filed Patents | Total Citations |
---|---|---|---|
Kauffman, Stuart A | Santa Fe, NM | 13 | 201 |
Lobo, Jose | Ithaca, NY | 2 | 1 |
MacReady, William G | Santa Fe, NM | 49 | 1160 |
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Surcharge after expiration - Late payment is unavoidable | $700.00 | $350.00 | $175.00 |
Surcharge after expiration - Late payment is unintentional | $1,640.00 | $820.00 | $410.00 |
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