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1.
In this paper, we examine the trade off between different effects of the availability of venture capital on the speed of technological
progress in an industry. We consider an evolutionary industry simulation model based on Nelson and Winter (1982), in which R&D efforts of an incumbent firm generate technological know-how embodied in key R&D employees, who might use
this know-how to found a spinoff of the incumbent. Venture capital is needed to finance a spinoff, so that the expected profits
from founding a spinoff depend on how easily venture capital can be acquired. Accordingly, thick venture capital markets might
have two opposing effects. First, incentives of firms to invest in R&D might be reduced and, second, if spinoff formation
results in technological spillovers between the parent firm and the spinoffs, the generation of spinoff firms might positively
influence the future efficiency of the incumbent’s innovation efforts. We study the manner in which this tradeoff influences
the effect of venture capital on innovation expenditures, speed of technological change and evolution of industry concentration
in several scenarios with different industry characteristics. 相似文献
2.
Arijit Mukherjee 《Journal of Economics》2012,106(1):75-82
The paper by Ghosh and Saha (Econ Theory 30:575–586, 2007) shows that entry can be socially excessive even if there are no scale economies. We show that exogenous cost asymmetry is responsible for this result. In a simple model with R&D investment by the more cost efficient firm, thus creating endogenous cost asymmetry, we show that entry is socially insufficient instead of excessive if the slope of the marginal cost of R&D is not very high. 相似文献
3.
Sergio Scicchitano 《Empirica》2010,37(4):361-380
This paper uses a non-overlapping generations model of endogenous growth to emphasize the effect of human capital’s heterogeneity
on economic growth. In addition to education, we present two different typologies of training. The first, technology-general,
is independent of R&D; the second, technology-specific, is connected to the success of innovative activities and it is only
provided to workers engaged in research. By extending Redding (Econ J 106:452–470, 1996), we demonstrate that human capital
composition is important in determining the probability of innovation and the economy’s growth rate. Moreover, the paper shows
that technology-general training avoids low development traps when R&D is absent. 相似文献
4.
Morris Teubal 《Journal of Evolutionary Economics》2002,12(1-2):233-257
Despite recent advances in the Evolutionary and Systems Perspectives to Economic Change (SI), confusion still exists about
how to apply it to the design and implementation of Innovation & Technology Policy (ITP) in concrete settings. Since the ‘Normative’
aspects of SI are framed in terms so general to make them insufficient or inadequate as guides and tools for actual policymaking,
a presumption exists that additional theoretical and conceptual knowledge is required. Thus a major objective of this paper is to contribute to the development of a realistic and ‘grounded’ theoretical
framework for Technology and Innovation Policy which is particularly relevant both for the promotion of Business Sector R&D
and of hi tech (especially IT) industries in Top Tier and other Industrializing Economies. A second objective is to contribute
directly to the capability of successfully applying this conceptual framework in concrete policy settings. Rather than justifying
ITP the paper focuses on characterising and applying “Salient Normative Principles or Themes” of the SI perspective to ITP. Several concrete examples are given and the notions of Policy Process,
(Country) Program Portfolio Profile and Policy Environment are introduced. 相似文献
5.
R&D investment is enterprises’ strategy based on the market demand on innovative products and its production capacity for
them. Enlarging market demand would spur the enterprises’ R&D input and the enhancement of technology state in production
ability could have a complex effect on less developed countries’ R&D expenditure. With the measurement of China’s technology
state compared to the United States and Japan, this paper explores with the state space model the dynamic effects of determinants
on China’s R&D expenditure with the data during 1987–2006. The result illustrates that the growing national income, a proxy
of domestic market demand, impedes the further R&D investment in China due to the enormous demand for necessities dominated
by lower income class, and the income inequality is the major incentive for R&D investment via the higher pricing on the wealthy
group, and that the improvement of technology state reduces the innovation risk and plays an important role in stimulating
R&D expenditure.
相似文献
6.
Synopsis Humans have a rational reason to seek out and selectively play Prisoner’s Dilemma games with others who (for whatever reason)
will play cooperatively, while avoiding those who will defect. It follows that they also have reason to try and persuade others
that they will personally cooperate if a game is joined (using the term from Evolutionary Psychology, to ‘manipulate’ others’ beliefs) and, thus, to penetrate to the truth
underlying such efforts (to ‘mindread’ others intentions). We develop an economic model of mindreading and manipulation that
can govern exchange relationships in natural circumstances, and report laboratory data showing that, absent constraining institutions
that make play with cooperators likely, intending defectors are more likely to be chosen as partners than are intending cooperators. Intending defectors’ efforts at manipulation appear to be
more successful than their potential victims’ efforts at mindreading. The findings suggest the nature of the problem that
must be addressed for would-be traders in the absence of well-enforced rules governing contracts, and we discuss the patterns
of behavior that are likely responses in such circumstances. 相似文献
7.
The Coasean theory of the firm (Coase in Economica 4:386–405, 1937) has flourished with the theory of incomplete contracts. Transaction costs in the form of enforcement costs have been deemed to be the main determinants of the decision to ‘make’ versus ‘buy’. Surprisingly, this stream of literature has almost neglected that transaction costs may also generate incomplete property rights (Coase in J Law Econ 3:1–44, 1960). As firm’s activities entail both contractual and property rights, these two domains interfere each other on the decision to carry out a transaction within the firm. When property rights are incomplete, potential externalities may increase the cost of using the price mechanism to procure the assets needed in a given transaction. The resulting ‘Coasean firm’ would not only centralize incomplete contracts under a unified governance system, but it will also aggregate incomplete property rights under a unified ownership structure. 相似文献
8.
This paper investigates the potential channels through which R&D may influence TFP growth using industry-level panel data
of China’s large and medium-sized industrial enterprises over the period of 2000–2007. Comparing with existing literature,
we provide a closer look of the relationship between R&D and TFP growth by decomposing TFP growth into efficiency change and
technical change components using Malmquist productivity index and distinguishing between upstream R&D spillovers and downstream
R&D spillovers. We find TFP grow slightly during 2000–2007, and R&D investment indeed serves as an engine of productivity
growth just as endogenous growth theories argued, which is largely because R&D accelerates technical progress even it also
results in enlarging technical inefficiency. However, we find a robust negative effect of downstream R&D spillovers on TFP
growth, the effects of upstream is positive but not statistically significant. In addition, we do not find the positive effects
of human capital on TFP as endogenous growth theories indicated, but find human capital severs as “assimilation device” for
R&D spillovers both in promoting TFP growth and increasing technical efficiency even the effects on technical progress is
adverse. 相似文献
9.
Optimal patent length and breadth in an economy with creative destruction and non-diversifiable risk
Tapio Palokangas 《Journal of Economics》2011,102(1):1-27
In this paper, I examine the optimal patent shape in an economy in which R&D firms innovate and imitate, households face non-diversifiable
risk and there is externality in production and R&D. With non-diversifiable risk, a household’s consumption and investment
decisions are interlinked. This economy contains industries of two kinds: monopoly industries with an innovator only, and
duopoly industries with an innovator and an imitator. I define patent length as the expected time in which an innovation is imitated, and patent breadth as the innovator’s profit share in an industry after a successful imitation. The government can control patent length by
the requirements for accepting a substitute for a patented good, and patent breadth by imposing compulsory licensing and royalties
for the patentee after a successful imitation. I show that the stronger the externality in production relative to R&D is,
the slower the optimal growth rate, the larger the optimal proportion of duopoly industries, and the longer and narrower the
optimal patent. 相似文献
10.
Kurt Dopfer 《Journal of Evolutionary Economics》2012,22(1):133-160
The paper starts from Schumpeter’s proposition that entrepreneurs carry out innovations (the micro level), that swarms of
followers imitate them (meso) and that, as a consequence, ‘creative destruction’ leads to economic development ‘from within’
(macro). It is argued that Schumpeter’s approach can be developed into a new—more general—micro-meso-macro framework in economics. Center stage is meso. Its essential characteristic is bimodality, meaning that one idea (the generic rule) can be physically actualized by many
agents (a population). Ideas can relate to others, and, in this way, meso constitutes a structure component of a ‘deep’ invisible macro structure. Equally, the rule actualization process unfolds over time—modelled in the paper as
a meso trajectory with three phases of rule origination, selective adoption and retention—and here meso represents a process component of a visible ‘surface’ structure. The macro measure with a view to the appropriateness of meso components is generic correspondence.
At the level of ideas, its measure is order; at that of actual relative adoption frequencies, it is generic equilibrium. Economic
development occurs at the deep level as transition from one generic rule to another, inducing a change of order, and, at the
surface level, as the new rule is adopted, destroying an old equilibrium and establishing a new one. 相似文献
11.
Effects of coordinated strategies on product and process R&;D 总被引:1,自引:0,他引:1
Using a game theoretical model on firms’ simultaneous investments in product and process R&D, we advance and empirically test
hypotheses on the role of externalities on the optimal R&D portfolio of cooperating firms and independently competing firms.
We use Community Innovation Survey data on 3,696 Italian manufacturing firms. In line with our model we find that members
of a group of firms invest significantly more into product, process, and aggregate R&D than independent firms. Further, their
R&D portfolios tend to show a higher product versus process ratio. However, with regard to R&D performance and efficiency
we find that independent firms are superior.
相似文献
12.
Gerald H. Lander 《International Advances in Economic Research》2006,12(4):475-490
I investigate the mean reversion tendency of small growth stocks. Using a carefully articulated research design employing established and empirically tested principles, my findings should support or refute the anecdotal evidence that small growth stocks make superior investments. The primary motivation for the study springs from the documented differential preference among investors for value and growth stocks. Despite evidence that value stocks tend to outperform growth stocks, investors retain strong interest in growth stocks. Yet in examining the performance of Business Week’s (BW), smaller capitalization companies (called “Hot Growth Companies”) with respect to the overall financial market, Bauman et al. [2002] found positive excess returns in the pre-publication period but negative excess returns in the post-publication period. A limitation of their study is that their analyses relied on only three criteria: sales, BW rank and return on capital, which do not represent completely a firm’s financial health. I replicate Bauman et al.’s study but use a more robust and representative variable set to test the mean reversal hypothesis — Forbes’ financial criteria — and I focus on six variables. In the current study, I look at 4,200 companies listed in Forbes from 1980 to 2000. The results of the expanded study substantiate Bauman et al.’s [2002] study showing that there are positive excess returns in the pre-publication period, but negative excess returns in the post-publication period. An expanded future study will look at five additional variables to see if they make a significant difference on the effects of the returns of small growth stocks. 相似文献
13.
This paper analyses total factor productivity (TFP) of China’s manufacturing sector and its decomposed indexes, i.e., technological
progress and technological efficiency by employing Malmquist productivity index based on the Data Envelopment Analysis (DEA)
approach. Using panel data of domestic manufacturing sector in China from 2000 to 2005, we estimate the influences of horizontal
and vertical linkages on TFP and its decomposition indexes by controlling R&D and exports indexes of domestic manufacturing
sector. The empirical results show that R&D and exports have a positive effect on TFP and that FDI inflows lead to positive
spillovers significantly in general mainly through technological progress resulting from backward linkages; however, forward
linkages have no technology spillover effect while horizontal linkages promote TFP through technological efficiency which
has quite different influencing modes compared to that of backward and forward linkages. The grouping regression results also
show that FDI technology spillovers have different conductive mechanisms under different technological levels, industry concentrations
and export dependency indexes.
Translated and Revised from Shijie Jingji 世界经济 (The Journal of World Economy), 2008, (8): 20–31 相似文献
14.
Spatial Welfare Economics Versus Ecological Footprint: A Sensitivity Analysis Introducing Strong Sustainability 总被引:1,自引:0,他引:1
The aim of this paper is a sensitivity analysis with the core-periphery model of ‘new economic geography’ put forward in Grazi
et al. (Environ Resour Econ 38:135–153, 2007). This model comprises interregional trade, agglomeration advantages and resource (land) use or environmental externalities.
Grazi et al. (2007, GBR) compare a social welfare (SW) indicator with the ecological footprint (EF) indicator for measuring spatial sustainability
of a set of land use configurations. Their main result is that the SW and the EF indicator can yield completely different
rankings and only for extreme parameterizations of environmental externalities the rankings coincide. We adapt the model by
interpreting total natural land as a resource constraint and differentiate between weak and strong sustainability. In a sensitivity
analysis we show that the main results of GBR (2007) correspond to the case of weak sustainability in our adapted model version. In the case of strong sustainability our adapted
model version shows the same welfare rankings for both indicators without the extreme parameterization that is necessary to
obtain the same results in the original GBR (2007) model. 相似文献
15.
Francesco Aiello Lidia Mannarino Valeria Pupo 《Economics of Innovation and New Technology》2020,29(4):394-416
ABSTRACTUsing firm-level data, we estimate the returns to R&D investments for a sample of European manufacturing firms over the period 2007–2009. Results confirm that R&D efforts are positively related to productivity regardless of firm type (family or nonfamily firms). Additionally, we find that family firms invested more in R&D than nonfamily firms, but the returns to their R&D investments are low, emphasizing that they have a lower capacity to translate R&D investments into economic gains. 相似文献
16.
The firm-level employment effects of innovations in high-tech US manufacturing industries 总被引:1,自引:1,他引:0
We focus on four two-digit manufacturing industries that are known for their high patenting activity. We then use Principal
Components Analysis to generate a firm- and year-specific ‘innovativeness’ index by extracting the common variance in a firm’s
patenting and R&D expenditure histories. To begin with, we explore the heterogeneity of firms by using semi-parametric quantile
regression. We then move on to parametric regressions that include a weighted least squares (WLS) analysis, which explicitly
takes into account the different job-creating potential of firms of different sizes. As a result, we investigate the effect
of innovation on total number of jobs, whereas previous studies have focused on the effect of innovation on firm behavior.
Indeed, previous studies have typically taken the firm as the unit of analysis, implicitly weighting each firm equally according
to the principle of ‘one firm equals one observation’. Our results suggest that firm-level innovative activity leads to employment
creation that may have been underestimated in previous studies. 相似文献
17.
We build a model of R&D-based growth in which the discovery of higher-quality products is governed by sequential stochastic
innovation contests. We term the costly attempts of incumbent firms to safeguard the monopoly rents from their past innovations
rent-protecting activities. Our analysis (1) offers a novel explanation of the observation that the difficulty of conducting R&D has been increasing
over time, (2) establishes the emergence of endogenous scale-invariant long-run innovation and growth, and (3) identifies
a new structural barrier to innovation and growth. We also show that long-run growth depends positively on proportional R&D
subsidies, the population growth rate, and the size of innovations, but negatively on the market interest rate and the effectiveness
of rent-protecting activities.
An unpublished version of this paper was circulated earlier under the title “Innovation and Rent Protection in the Theory
of Schumpeterian Growth.” We thank an anonymous referee and seminar participants in several venues for useful comments and
suggestions. 相似文献
18.
Andrew T. Young 《The Review of Austrian Economics》2011,24(1):19-28
Murphy et al. (2009) criticize Young’s (2005) test of Austrian business cycle theory (ABCT) using US industry-level quarterly job reallocation data and the federal funds
rate as a monetary policy indicator. I argue that not only are Murphy et al.’s specific criticisms misguided; more importantly,
they all but completely rule out the type of empirical study that Young (2005) advocates: specifically, one that (1) is quantitative and distinguishes between statistical and economic significance and
(2) attempts to exploit a hypothesis that is both a prediction of ABCT and not a prediction of competing monetary theories of the cycle. I argue that empirical studies embodying (1) and (2) are critical
to ABCT as a research program. Furthermore, I review the existing econometric studies of ABCT from the last 10 years and conclude
that there is much room for improvement along these lines. 相似文献
19.
Siegfried K. Berninghaus Christian Korth Stefan Napel 《Journal of Evolutionary Economics》2007,17(5):579-603
This paper investigates agents who face a stylized pecuniary ‘game of life’ comprising the ultimatum game and the dictator
game. Utility may but need not be attached to equity and reciprocity, as formalized by Falk and Fischbacher (Games Econom Behav, 54(2): 293–315, 2006) but, critically, this social component of preferences cannot be conditioned on whether an ultimatum or a dictator game is
played. Evolutionary fitness of agents is determined solely by material success. Under these conditions, a strong preference
for reciprocity, but little interest in equity as such evolves. Possible exogenous constraints that link reciprocity and equity
concerns imply long-run levels of both which depend on the relative frequency of ultimatum vs. dictator interaction in agents’
multi-game environment.
Financial support from the German Academic Exchange Service (DAAD) is gratefully acknowledged. 相似文献
20.
Chang-Yang Lee 《Journal of Evolutionary Economics》2012,22(1):109-132
This paper presents a simple R&D-based growth model of the “technological divide,” in which learning-by-doing (investing)
in R&D and a threshold level of technological knowledge jointly determine the pattern of economic growth. Specifically, the
model generates differences in the growth pattern primarily by modifying the underlying parameters that govern the evolution
of economy-wide technological competence or dynamic R&D productivity. The technological divide arises at the threshold level
of technological knowledge, which is largely affected by the quality of socio-technological infrastructure. Government policies
aimed at enhancing the quality of socio-technological infrastructure can help countries escape from the “technology divide”
trap by lowering the knowledge threshold. While the model preserves the spirit of the R&D-based endogenous growth model in
the sense of its policy effects and the endogenous evolution of technological competence, the model does not need to reach
the scale effect directly, where an increase in the size of an economy generates more rapid growth. 相似文献