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Learning in a Science-Driven Market

其他書名	The Case of Lasers
出版	SSRN, 2015
URL	http://books.google.com.hk/books?id=tO_czwEACAAJ&hl=&source=gbs_api

註釋Innovation literature centres more on technical advance and less on scientific change. In this paper the scientific basis comes under specific scrutiny. The empirical part consists of a case study of the laser market and the particularly interesting laser medicine submarket. A new measurement concept known as 'technometrics' measures the quality of innovative products from their technological characteristics. It is found that in a knowledge-driven market in which 'inventions are in search of a purpose', two stages of market formation can be discerned: a wasteful science-pushed, and a subsequent demand-led period. Pricing of the innovative products can be explained by a few leading characteristics, but certain providers are able to create stable demand from public knowledge with non-optimal price-performance ratios.