Lecture

Value of Innovation

Description

This lecture delves into the economic and social value of innovation, exploring concepts such as consumer surplus, profit distribution, and social inefficiency. It discusses the impact of market power on pricing strategies, the shadow value of resources like bookstores, and the disruptive effects of companies like Amazon and Airbnb. The lecture also analyzes the positive externalities of innovations like Wikipedia, emphasizing the democratization of knowledge and information production. Through various examples, the instructor illustrates how innovation can generate significant benefits to society, leading to a great welfare improvement.

About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.

Graph Chatbot

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.