Abstract We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. introduce a new measure of drug novelty based on chemical similarity and show face risk-reward trade-off: novel candidates are less likely obtain FDA approval but more valuable patents. Consistent with simple model costly external finance, we positive shock firms’ net worth develop d...

Novelty exploration can enhance hippocampal plasticity in animals through dopaminergic neuromodulation arising in the substantia nigra/ventral tegmental area (SN/VTA). This enhancement can outlast the exploration phase by several minutes. Currently, little is known about dopaminergic novelty processing and its relationship to hippocampal function in humans. In two functional magnetic resonance ...

Previous work has shown that individual differences in locomotor activity in an inescapable novel environment can predict acquisition of amphetamine self-administration. The current study examined whether individual differences in approach to novelty in a free choice test could also predict amphetamine self-administration. Further, the current study examined whether individual differences in ei...

Novelty search is a recent and promising approach to evolve neurocontrollers, especially to drive robots. The main idea is to maximize the novelty of behaviors instead of the efficiency. However, abandoning the efficiency objective(s) may be too radical in many contexts. In this paper, a Paretobased multi-objective evolutionary algorithm is employed to reconcile novelty search with objective-ba...

Novelty seeking has been tied to impulsive choice and biased value based choice. It has been postulated that novel stimuli should trigger more vigorous approach and exploration. However, it is unclear whether stimulus novelty can enhance simple motor actions in the absence of explicit reward, a necessary condition for energizing approach and exploration in an entirely unfamiliar situation. In t...

The ability of a classifier to recognize unknown inputs is important for many classification-based systems. We discuss the problem of simultaneous classification and novelty detection, i.e. determining whether an input is from the known set of classes and from which specific class, or from an unknown domain and does not belong to any of the known classes. We propose a method based on the Genera...