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This paper proposes a percolation-based model of new-product diffusion in the spirit of Solomon et al. (2000) and Goldenberg et al. (2000). A consumer buys the new product if she has formed her individual valuation of the product…
As prompt engineering research rapidly evolves, evaluations beyond accuracy are crucial for developing cost-effective techniques. We present the Economical Prompting Index (EPI), a novel metric that combines accuracy scores with token…
It was not until the beginning of the 1990s that the effects of information and communication technology on economic growth as well as on the profitability of enterprises raised the interest of researchers. After giving a general…
Labor share, the fraction of economic output accrued as wages, is inexplicably declining in industrialized countries. Whilst numerous prior works attempt to explain the decline via economic factors, our novel approach links the decline to…
The notion of the "adjacent possible" has been advanced to theorize the generation of novelty across many different research domains. This study is an attempt to examine in what way the notion can be made empirically useful for innovation…
An informed seller designs a dynamic mechanism to sell an experience good. The seller has partial information about the product match, which affects the buyer's private consumption experience. We characterize equilibrium mechanisms of this…
The report considers the dynamics of the global population as the unique case of the Socio-Economic Soft Matter system. This category was introduced for complex systems dominated by mesoscale assemblies, emerging due to the inherent…
The co-evolution of economic and ecological activities represents one of the fundamental challenges in the realm of sustainable development. This study on the word trends in mainstream newspapers from the UK and China reveals that both…
Is there a general economic pathway recapitulated by individual cities over and over? Identifying such evolution structure, if any, would inform models for the assessment, maintenance, and forecasting of urban sustainability and economic…
Solomon and Golo [1] have recently proposed an autocatalytic (self-reinforcing) feedback model which couples a macroscopic system parameter (the interest rate), a microscopic parameter that measures the distribution of the states of the…
The Fourth Industrial Revolution commonly refers to the accelerating technological transformation that has been taking place in the 21st century. Economic growth theories which treat the accumulation of knowledge and its effect on…
Societal accumulation of knowledge is a complex process. The correctness of new units of knowledge depends not only on the correctness of new reasoning, but also on the correctness of old units that the new one builds on. The errors in such…
Culture evolves, not just in the trivial sense that cultures change over time, but also in the strong sense that such change is governed by Darwinian principles. Both biological and cultural evolution are essentially cumulative selection…
Technological improvement is the most important cause of long-term economic growth. We study the effects of technology improvement in the setting of a production network, in which each producer buys input goods and converts them to other…
We assume that the natural intelligence (human, particularly) is equivalent to a large inferring structure, which took shape in the last 400/500 million years. Then two hypotheses, about this structure and its development, are put forward…
Existing literature at the nexus of firm productivity and export behavior mostly focuses on "learning by exporting," whereby firms can improve their performance by engaging in exports. Whereas, the secondary channel of learning via…
What is the productivity of Science? Can we measure an evolution of the production of mathematicians over history? Can we predict the waiting time till the proof of a challenging conjecture such as the P-versus-NP problem? Motivated by…
In the modern knowledge economy, success demands sustained focus and high cognitive performance. Research suggests that human cognition is linked to a finite resource, and upon its depletion, cognitive functions such as self-control and…
Innovation records often exhibit "hockey-stick" patterns of abrupt, near-singular growth at the collective level. However, this macroscopic explosiveness stands in stark contrast to individual discovery, which remains bounded by cognitive…
As a firm varies the price of a product, consumers exhibit reference effects, making purchase decisions based not only on the prevailing price but also the product's price history. We consider the problem of learning such behavioral…