Briefing

Goodfriend Memorial Lecture: Knowledge Creation and Diffusion

Abstract: On May 11, 2023, Hugo Hopenhayn delivered the inaugural Marvin Goodfriend Memorial Lecture with a presentation of his paper "Knowledge Creation and Diffusion with Limited Appropriation," which was co-authored with Liyan Shi. The paper highlights how intellectual property rights must trade off incentives for innovation and knowledge diffusion and considers the optimal assignment of property rights as a Ramsey problem in a dynamic model where knowledge diffusion takes place under random matching. Hopenhayn is a professor of economics at UCLA, a Guggenheim Fellow and a long-term Richmond Fed research consultant.

Keywords: intellectual property rights; innovation; Knowledge diffusion;

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Richmond Fed Economic Brief

Publication Date: 2023-06

Volume: 23

Issue: 18