Building the Knowledge Stock: Lags,Depreciation, and Uncertainty in R&D Investment and Link with Productivity Growth |
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Authors: | Esposti Roberto Pierani Pierpaolo |
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Affiliation: | (1) Dipartimento di Economia—, Università di Ancona, Piazzale Martelli, 8-60121 Ancona (, Italy) |
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Abstract: | The search for an appropriate methodology to investigate the relation between R&D investment, knowledge stock and productivity growth is the main purpose of the paper. In analogy with physical assets, we present a model of knowledge capital formation which allows the calculation of the relevant user cost, as well. The proposed model accumulates R&D investment based on a stochastic gestation lag and a geometric depreciation of the stock. The basic parameters underlying the lag structure differ according to the types of research expenditure. The approach is applied to public R&D investment in Italian agriculture; the results provide interesting information about the economic structure of public research effort in Italian agriculture and plausible estimates of its internal rate of return. |
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Keywords: | knowledge stock productivity research and development lag structure |
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