Abstract

Viewed from a distance, the concept of a behavioral innovation economics is relatively easy to frame as the application of behavioral economics (heuristics and biases, bounded rationality in human cognition) (Kahneman, 2003) to innovation economics (investment in R&D, entrepreneurial behavior in new ventures, choice over novel goods). The target discipline is innovation economics and so the problems and subject matter of innovation economics shape the research program of behavioral innovation economics. The behavioral in this is simply to study the cognitive processes involved in choice over novelty, as it were, and under uncertainty. So this would seem to be relatively straightforward application of an approach (behavioral economics) to a field of study (economics of innovation).