The Impact of Artificial Intelligence on Innovation

NBER WORKING PAPER SERIES


THE IMPACT OF ARTIFICIAL INTELLIGENCE ON INNOVATION


Iain M. Cockburn Rebecca Henderson Scott Stern


Working Paper 24449 http://www.nber.org/papers/w24449


NATIONAL BUREAU OF ECONOMIC RESEARCH

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Cambridge, MA 02138

March 2018


The authors would like to thank the organizers and participants at the first NBER conference on the Economics of Artificial Intelligence, and in particular our discussant Matthew Mitchell for many helpful suggestions and ideas. Michael Kearney provided extraordinary research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Funding for this paper was provided by the MIT Sloan School of Management, by the HBS Division of Research and by the Questrom School of Management.


At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w24449.ack


NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.


© 2018 by Iain M. Cockburn, Rebecca Henderson, and Scott Stern. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.

The Impact of Artificial Intelligence on Innovation

Iain M. Cockburn, Rebecca Henderson, and Scott Stern NBER Working Paper No. 24449

March 2018 JEL No. L1