![Working Papers](https://mackinstitute.wharton.upenn.edu/wp-content/uploads/2016/06/Working-Paper-150x100.png)
This study examines the tension between learning and appropriability in the experimentation process of early-stage ventures. I build a stylized model to argue that, when formal intellectual property is weak, the learning benefit of experimentation may be offset by its imitation risk. …Read More