MUSICAL IMPROVISATION AND THE CREATIVE PROCESS

Musical improvisation combines technical proficiency and musical intuition. Due to its interactive nature, improvisation provides an avenue of communication among all art forms. This dissertation project explores the collaborative aspects of improvisation involving a musician, visual artist, a small group of dancers, and videographer. Video footage from two separate recording sessions provided hours of visual materials which were studied and edited. The first session was a live performance recorded in front of a studio audience. The second session was a two-day collaboration between musician and dancers in a studio space. The process of editing and compiling images with audio-an important element in this project-presented many unforeseeable challenges and lessons. This recorded dissertation is comprised of seven music videos that demonstrate my ability as an artist in collaboration with visual artist-professor Richard Klank, dancers David Yates, Jamie Garcia, Raha Behnam, Rachel Wolfe and Adrian Galvin, and video artist Nguyen Nguyen. Each video represents an individual creative process involving musical performance, studio lighting, sound recording, and video editing.

Essays on Financial Constraints, R&D Investments, and Competition

This dissertation consists of two chapters of theoretical studies that investigate the effect of financial constraints and market competition on research and development (R&D) investments. In the first chapter, I explore the impact of financial constraints on two different types of R&D investments. In the second chapter, I examine the impact of market competition on the relationship between financial constraints and R&D investments. In the first chapter, I develop a dynamic monopoly model to study a firm’s R&D strategy. Contrary to intuition, I show that a financially constrained firm may invest more aggressively in R&D projects than an unconstrained firm. Financial constraints introduce a risk that a firm may run out of money before its project bears fruit, which leads to involuntary termination on an otherwise positive-NPV project. For a company that relies on cash flow from assets in place to keep its R&D project alive, early success can be relatively important. I find that when the discovery process can be expedited by heavier investment (“accelerable” projects), a financially constrained company may find it optimal to “over”-invest in order to raise the probability of project survival. The over-investment will not happen if the project is only “scalable” (investment scales up payoffs). The model generates several testable implications regarding over-investment and project values. In the second chapter, I study the effects of competition on R&D investments in a duopoly framework. Using a homogeneous duopoly model where two unconstrained firms compete head to head in an R&D race, I find that competition has no effect on R&D investment if the project is not accelerable, and the competing firms are not constrained. In a heterogeneous duopoly model where a financially constrained firm competes against an unconstrained firm, I discover interesting strategic interactions that lead to preemption by the constrained firm in equilibrium. The unconstrained competitor responds to its constrained rival’s investment in an inverted-U shape fashion. When the constrained competitor has high cash flow risk, it accelerates the innovation in equilibrium, while the unconstrained firm invests less aggressively and waits for its rival to quit the race due to shortage of funds.