|
on Innovation |
| By: | Stimmelmayr, Michael; Koethenbuerger, Marko; Liberini, Federica |
| Abstract: | The effectiveness of European patent boxes in triggering R\&D and fostering new patentable innovations is the subject of a growing debate. These regimes are considered liable of tax-favouring already successful ideas, without imposing a nexus between the final location of the intellectual property (IP) and its related innovation. This paper brings the debate forward onto the assessment of the quantitative impact of patent box regimes on profit shifting by multinational firms. Our empirical strategy builds on a difference-in-difference model comparing the pre-tax profit of European subsidiaries affiliated to firm conglomerates that owned patents long before the introduction of IP boxes, to that of European subsidiaries affiliated to firm conglomerates with no historical record of patent ownership. We find that European subsidiaries affiliated to foreign IP owners report, after the introduction of a local patent box, on average 2.5 to 3.9 percent higher profit compared to European subsidiaries affiliated to non-IP-owning conglomerates. For countries where the patent box regime incorporates a nexus clause, i.e. grants the IP related tax benefit only to newly created IP, we find no significant difference in the profits of the two groups. |
| JEL: | H26 F23 C23 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145582&r=ino |
| By: | Henry Sauermann |
| Abstract: | We examine whether startups attract employees with different pecuniary and non-pecuniary motives than small or large established firms. We then explore whether such differences in employee motives lead to differences in innovative performance across firm types. Using data on over 10,000 U.S. R&D employees, we find that startup employees place lower importance on job security and salary but greater importance on independence and responsibility. Startup employees have higher patent output than employees in small and large established firms, and this difference is partly mediated by employee motives – especially startup employees’ greater willingness to bear risk. We discuss implications for research as well as for managers and policy makers concerned with the supply of human capital to entrepreneurship and innovation. |
| JEL: | J24 O31 O32 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23099&r=ino |
| By: | Ufuk Akcigit; John Grigsby; Tom Nicholas |
| Abstract: | This paper builds on the analysis in Akcigit, Grigsby, and Nicholas (2017) by using U.S. patent and Census data to examine macro and micro-level aspects of the relationship between immigration and innovation. We construct a measure of "foreign born expertise" and show that technology areas where immigrant inventors were prevalent between 1880 and 1940 experienced more patenting and citations between 1940 and 2000. We also show that immigrant inventors were more productive during their life cycle than native born inventors, although they received significantly lower levels of labor income than their native born counterparts. Overall, the contribution of foreign born inventors to US innovation was substantial, but we also find evidence of an immigrant inventor wage-gap that cannot be explained by differentials in productivity. |
| JEL: | N11 N12 O31 O40 |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23137&r=ino |
| By: | D'Ambrosio, Anna; Montresor, Sandro; Parrilli, Mario Davide; Quatraro, Francesco (University of Turin) |
| Abstract: | This paper investigates the impact of migration on innovation networks between regions and foreign countries. We posit that immigrants (emigrants) act as a transnational knowledge bridge between the host (home) regions and their origin (destination) countries, reinforcing their networking in innovation and facilitating their co-inventorship. We argue that the social capital of both the hosting and the moving communities reinforces such a bridging role, along with the already recognised effect of language commonality and migrants’ human capital. By combining patent data with national data on residents and electors abroad, we apply a gravity model to the co-inventorship between Spanish provinces (NUTS3 regions) and a number of foreign countries, in different periods of the last decade. Both immigrants and emigrants are found to affect this kind of innovation networking. The social capital of both the moving and the hosting communities actually moderate this impact in a positive way. The effect of migration is stronger for more skilled migrants and with respect to non-Spanish speaking countries, pointing to a language-bridging role of migrants. Overall, individual and community aspects combine in accounting for the impact of migration on international innovation networks. |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:uto:dipeco:201701&r=ino |
| By: | Donges, Alexander; Meier, Jean-Marie A.; Silva, Rui C. |
| Abstract: | This paper studies the impact of radical institutional reform on innovation. We use the timing and geography of French invasions of different regions of Germany after the French revolution of 1789 as an exogenous shock to the institutions of those regions. German regions that were invaded by the French subsequently changed their institutions in important ways, including the introduction of the civil code, the dissolution of guilds, the abolition of serfdom and the implementation of agrarian reforms. These institutional changes in turn affect innovation. Using patents per capita as our measure of innovation, we show that counties whose institutions are more inclusive as a result of the French occupation also become more innovative. Moving from a county with no occupation to a county with the longest occupation, the implied changes in institutional reforms result in an increase of patents per capita of 123%. Our findings point to institutions as a first order determinant of innovation and highlight the role of innovation as a key mechanism through which institutions may foster economic growth. |
| JEL: | N13 O31 O33 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145952&r=ino |
| By: | Alvarez Iturri, Silvana Valeria |
| Abstract: | This paper aims to analyze whether the quality of an innovative idea can spur the patent's price. From an economic perspective, we address the question of how the quality of an innovative idea increases the patent's price. We examine the problem for the case of a single innovation rather than patent´s families. Therefore, we follow the assumption that innovative ideas have patents. Nevertheless, the analysis is divided into two stages; first we estimated the quality of the innovation by quantifying information of the patent documents from the patent portfolios of firms of the ICT sector over the period 1996 to 2015. By providing new empirical evidence, we showed that the patent´s quality can be estimate with multiple observed patents' characteristics which are significant related to the utility of the patent in the market and its impact on the follow-on innovation. The analyses also estimate the patent's price in the market for technologies based on the quality index. In the same way, we used information of the patent´s transaction in the ICT sector over the period of 2012- 2015 and review the main costs of the American, European and the international patent system. Our finale results indicate the possibility to reduce the asymmetric information of the quality in the patent´s transactions by using public information. |
| Keywords: | SEM; quality; price; patent; cross section |
| JEL: | O34 O32 C55 C31 |
| Date: | 2017–02–09 |
| URL: | http://d.repec.org/n?u=RePEc:cte:idrepe:24183&r=ino |
| By: | Pellegrino, Gabriele (EPFL, Lausanne); Piva, Mariacristina (Università Cattolica del Sacro Cuore); Vivarelli, Marco (Università Cattolica del Sacro Cuore) |
| Abstract: | In this work, we test the employment impact of distinct types of innovative investments using a representative sample of Spanish manufacturing firms over the period 2002-2013. Our GMM-SYS estimates generate various results, which are partially in contrast with the extant literature. Indeed, estimations carried out on the entire sample do not provide statistically significant evidence of the expected labor-friendly nature of innovation. More in detail, neither R&D nor investment in innovative machineries and equipment (the so-called embodied technological change, ETC) turn out to have any significant employment effect. However, the job-creation impact of R&D expenditures becomes highly significant when the focus is limited to the high-tech firms. On the other hand – and interestingly – ETC exhibits its labor-saving nature when SMEs are singled out. |
| Keywords: | innovation, R&D, embodied technological change, employment, GMM-SYS |
| JEL: | O33 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10540&r=ino |
| By: | Ugur, Mehmet; Trushin, Eshref; Solomon, Edna |
| Abstract: | Existing evidence on the relationship between R&D intensity and firm survival is varied and often conflicting. We argue that this may be due to overlooking R&D scale effects and complementarity between R&D intensity and market concentration. Drawing on Schumpeterian models of competition and innovation, we address these issues by developing a formal model of firm survival and using a panel dataset of 37,930 of R&D-active UK firms over 1998–2012. We report the following findings: (i) the relationship between R&D intensity and firm survival follows an inverted-U pattern that reflects diminishing scale effects; (ii) R&D intensity and market concentration are complements in that R&D-active firms have longer survival time if they are in more concentrated industries; and (iii) creative destruction as proxied by median R&D intensity in the industry and the premium on business lending have negative effects on firm survival. Other findings concerning age, size, productivity, relative growth, Pavitt technology classes and the macroeconomic environment are in line with the existing literature. The results are strongly or moderately robust to different samples, stepwise estimations, and controls for frailty and left truncation |
| Keywords: | R&D; Innovation; Firm dynamics; Survival analysis |
| Date: | 2016–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:gpe:wpaper:15510&r=ino |
| By: | Fei Qin |
| Abstract: | The Australian Innovation System Report 2015, the sixth in the series, explores innovation through the lens of innovative entrepreneurship. Using newly obtained data, it analyses how start-ups and younger businesses often behave differently and are more likely to report increases in employment, sales, profitability, productivity, product range and product innovation. |
| JEL: | N0 J50 L81 |
| Date: | 2015–11 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:69375&r=ino |
| By: | Kempa, Karol; Haas, Christian |
| Abstract: | This paper uses a theoretical model with Directed Technical Change to analyse the observed heterogeneous energy intensity developments. Based on the empirical evidence on the underlying drivers of energy intensity developments, we decompose changes in aggregate energy intensity into structural changes in the economy (Sector Effect) and within-sector energy efficiency improvements (Efficiency Effect). We analyse how energy price growth and the relative productivity of both sectors affect the direction of research and hence the relative importance of the aforementioned two effects. The relative importance of these effects is determined by energy price growth and relative sector productivity that drive the direction of research. In economies that are relatively more advanced in sectors with low energy intensities, the Sector Effect dominates energy intensity dynamics given no or moderate energy price growth. In contrast, the Efficiency Effect dominates energy intensity developments in economies with a high relative technological level within their energy-intensive industries if moderate energy price growth is above a certain threshold. We further show that temporal energy price shocks might induce a permanent redirection of innovation activities towards sectors with low-energy intensities. |
| JEL: | O33 Q43 Q55 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145722&r=ino |
| By: | Ana Pérez-Luño (Department of Business Organization and Marketing, Universidad Pablo de Olavide); Ana Bojica (Department of Business Organization and Marketing, Universidad de Granada); Shanthi Gopalakrishnan (School of Management, New Jersey Institute of Technology) |
| Abstract: | Innovation has become the cornerstone for achieving high performance and competitive advantage and is currently one of the principal topics of debate in the management literature. In order to develop innovations, ?rms need to deal with complex knowledge that comes from its different areas or departments through cross-functional integration. Using a unique sample of Spanish wineries, this paper shows that cross-functional integration moderates innovation- firm’s performance relationship, and that this moderation is conditioned by the degree of organizational knowledge complexity. These findings add to the innovation literature, showing that cross-functional integration has a direct positive relationship with firm performance, but a negative moderating effect on the relationship between product innovation and firm performance. However, this negative effect remains consistent only when the degree of knowledge complexity the organization has to manage is low and becomes positive (although not significant) when the degree of organizational knowledge complexity is high. |
| Keywords: | Knowledge strategy, structuration, depth, breadth, alliance, biotechnology |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpboam:17.01&r=ino |
| By: | Kou, Kou; Kroll, Henning |
| Abstract: | China has experienced a surge in innovation output in which state-owned enterprises (SOE) play an essential role. Using panel data of Chinese listed firms, this paper examines the influence of the state ownership on innovation output at the firm level. Controlling for size, we analyse the effects of central and local government control on the number of firms' patent applications in different time periods. Doing so, standard assumptions on state ownership's inhibiting character are confirmed. However, we then qualify these finding by running separate models for different regions and sectors find that the impact of state-control on innovation performance depends on a number of conditions. More precisely, state control of firms has a negative impact on innovation output in particular in China's Northeast region and in mid-tech sectors whereas under other circumstances it does either not matter or can even exert a positive influence. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisidp:55&r=ino |
| By: | Takashi Inaba; Mariagrazia Squicciarini |
| Abstract: | This work proposes a definition of Information and Communication Technologies (ICT) based on the technology classes of the International Patent Classification (IPC) in which patents are classified. This new taxonomy, called the “J tag”, aligns with the definitions of the ICT sector (2007) and of ICT products (2008) put forward by the OECD, and stems from the in-depth knowledge of Japan Patent Office experts, as well of experts from the Intellectual Property (IP) Offices participating in the OECD-led IP Task Force. Expert judgment of patent class content, relevance for ICT-related products, completeness and accuracy are the principles guiding the inclusion of IPC classes in the “J tag” taxonomy. ICT technologies are subdivided into 13 areas defined with respect to the specific technical features and functions they are supposed to accomplish (e.g. mobile communication), and details provided about the ways in which technologies relate to ICT products. |
| Date: | 2017–02–18 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaaa:2017/1-en&r=ino |
| By: | Filitz, Rainer; Henkel, Joachim; Ohnemus, Jörg |
| Abstract: | Digital designs - that is, designs for display on electronic screens - have recently burst onto the intellectual property (IP) stage. While in the U.S. a smattering of legal studies have recently addressed the question of digital design as a copyright-, trademark- and patent-eligible subject matter, a European perspective is still lacking in the literature. This study provides an overview of basic legal background to the protection of digital designs in Europe, explores firms'actual digital design protection behaviors, and highlights some important practical and doctrinal issues that warrant further study |
| Keywords: | digital designs,intellectual property,RCD,interviews,survey |
| JEL: | K11 O31 O34 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:17007&r=ino |
| By: | Ugur, Mehmet; Trushin, Eshref; Solomon, Edna; Guidi, Francesco |
| Abstract: | The relationship between R&D investment and firm/industry productivity has been investigated widely following seminal contributions by Zvi Griliches and others from late 1970s onwards. We aim to providea systematic synthesis of the evidence, using 1253 estimates from 65 primary studies that adopt the so-called primal approach. In line with prior reviews, we report that the average elasticity and rate-of-return estimates are positive. In contrast to prior reviews, however, we report that: (i) the estimates are smaller and more heterogeneous than what has been reported before; (ii) residual heterogeneity remains high among firm-level estimates even after controlling for moderating factors; (iii) firm-level rates of return and within-industry social returns to R&D are small and do not differ significantly despite theoretical predictions of higher social returns; and (iv) the informational content of both elasticity and rate-of-return estimates needs to be interpreted cautiously. We conclude by highlighting the implications of these findings for future research and evidence-based policy. |
| Keywords: | R&D; Knowledge capital; Productivity; Meta-analysis |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:gpe:wpaper:15854&r=ino |
| By: | Jeroen Hinloopen (CPB Netherlands Bureau for Economic Policy Analysis and University of Amsterdam, The Netherlands); Grega Smrkolj (Newcastle University, Geat-Britain); Florian Wagener (University of Amsterdam, The Netherlands) |
| Abstract: | We present a continuous-time generalization of the seminal R&D model of d'Aspremont and Jacquemin (The American Economic Review 78(5): 1133–1137, 1988) to examine the trade-off between the benefits of allowing firms to cooperate in R&D and the corresponding increased potential for product market collusion. We consider all trajectories that are candidates for an optimal solution as well as initial marginal cost levels that exceed the choke price. Firms that collude develop further a wider range of initial technologies, pursue innovations more quickly, and are less likely to abandon a technology. Product market collusion could thus yield higher total surplus. |
| Keywords: | Antitrust policy; Bifurcations; Collusion; R&D cooperatives; Spillovers |
| JEL: | D43 D92 L13 L41 O31 O38 |
| Date: | 2017–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20170020&r=ino |
| By: | Ugur, Mehmet |
| Abstract: | In this lecture, I review the theoretical origins of the empirical growth models. I begin with the Solow and AK models informed by neoclassical theory. I demonstrate that both models do not make an explicit distinction between capital accumulation and technological progress. They just lump together the physical and human capital. Then I discuss the Schumpeterian growth models with creative destruction and institutions (particularly democracy as a meta-institution). I demonstrate that the Schumpeterian models can address a wider range of questions – particularly those that cannot be addressed satisfactorily by neoclassical models. I conclude by arguing for innovations in growth modeling – particularly for innovations that involve explicit incorporation of product-market competition and non-linearities in the relationship between innovation and growth. |
| Keywords: | Endogenous growth; Capital accumulation; Technological progress; Growth models; Innovation |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:gpe:wpaper:14665&r=ino |
| By: | Prettner, Klaus; Hof, Franz |
| Abstract: | We analyze the impact of status preferences on technological progress and long-run economic growth. For this purpose, we extend the standard relative wealth approach by allowing the two components of the representative household's wealth, physical capital and shares, to differ with respect to their status relevance. Relative wealth preferences imply that the effective rate of return of saving in the form of a particular asset is the sum of its market rate of return and its status-related extra return. It is shown that the status relevance of shares is of crucial importance: First, an increase in the intensity of the quest for status raises the steady-state economic growth rate only if the status-related extra return of shares is strictly positive. Second, for any given degree of status consciousness, the long-run economic growth rate depends positively on the relative status relevance of shares. Third, while in the standard model the decentralized long-run economic growth rate is less than its socially optimal counterpart, the wealth externalities in our model counterbalance this distortion to some extent provided that shares matter for status. |
| JEL: | D31 O30 O10 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145554&r=ino |
| By: | Hein, Wolfgang |
| Abstract: | This paper links the main issues of the project "Contested World Order" (WZB, GIGA, HSFK) to the policy field of global health: the authority of the institutional setting, and the preferences and strategies of rising powers and non-state actors (NStAs) - the assumed protagonists of recent power shifts. The first part discusses the loss of WHO authority since the rise of Global Health Governance, and WHO's fight to reassert its position. The core of the paper deals with the conflict on intellectual property rights (IPRs) and access to medicines as a central issue in global health. Between 1995 and 2005, civil society organizations (CSOs) and some emerging powers fought successfully for improving access conditions under the TRIPS agreement (Doha Declaration). WHO's activities to regain the initiative led to the adoption of the Global Strategy and Plan of Action on Public Health, Innovation and Intellectual Property (2008) (GSPoA). Chapter 4 analyses the role of NStAs and rising powers (notably BRICS) during negotiations on implementing GSPoA. While CSOs insisted on a binding R&D treaty, BRICS countries finally agreed to more modest results. They support the welfare-orientation and the intergovernmental character of WHO but without seriously challenging basic rules in the global economy. Finally, consensus within WHO was restraint to issues which did not touch the basic IPR framework. |
| Keywords: | WHO authority,global health governance,intellectual property rights,access to medicines,GSPoA,non-state actors,rising powers,Autorität der WHO,Global Health Governance,intellektuelle Eigentumsrechte,Zugang zu Medikamenten,GSPoA,nicht-staatliche Akteure,Rising Powers |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbtci:spiv2016110&r=ino |
| By: | Helm, Carsten; Mier, Mathias |
| Abstract: | When the supply of intermittent renewable energies like wind and solar is high, the electricity price is low. Conversely, prices are high when their supply is low. This reduces the profit potential in renewable energies and, therefore, incentives to invest in renewable capacities. Nevertheless, we show that perfect competition and dynamic pricing lead to efficient choices of renewable and fossil capacities, provided that external costs of fossils are internalized by an appropriate tax. We also investigate some properties of electricity markets with intermittent renewables and examine the market diffusion of renewables as their capacity costs fall. We show that the intermittency of renewables causes an S-shaped diffusion pattern, implying that a rapid build-up of capacities is followed by a stage of substantially slowerdevelopment. While this pattern is well known from the innovation literature, the mechanism is new. We also find that technology improvements such as better battery storage capacities have substantial effects not only on the speed of market penetration, but also on its pattern. Finally, fluctuations of energy prices rise with the share of renewables. If regulators respond with a price cap, this leads to a faster market diffusion of renewables. |
| JEL: | Q21 D24 Q28 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145893&r=ino |
| By: | Laurent BERGÉ; Pascale ROUX; Nicolas CARAYOL |
| Abstract: | Social networks are expected to matter for invention in cities, but empirical evidence is still puzzling. In this paper, we provide new results on urban patenting covering more than twenty years of European patents invented by nearly one hundred thousand inventors located in France. Elaborating on the recent economic literatures on peer effects and on games in social networks, we assume that the productivity of an inventor\'s efforts is positively affected by the efforts of his or her partners and negatively by the number of these partners\' connections. In this framework, inventors\' equilibrium outcomes are proportional to the square of their network centrality, which encompasses, as special cases, several well-known forms of centrality (Degree, Katz-Bonacich, Page-Rank). Our empirical results show that urban inventors benefit from their collaboration network. Their productivity increases when they collaborate with more central agents and when they have more collaborations. Our estimations suggest that inventors\' productivity grows sublinearly with the efforts of direct partners, and that they incur no negative externality from them having many partners. Overall, we estimate that a one standard deviation increase in local inventors\' centrality raises future urban patenting by 13%. |
| Keywords: | invention, cities, network centrality, co-invention network, patent data |
| JEL: | O31 R11 D85 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2017-06&r=ino |
| By: | Vuong, Van Anh; Maican , Florin; Orth, Matilda; Roberts, Mark |
| Abstract: | In this paper we develop a structural empirical model that allows us to estimate the impact of R&D on firm profitability through two channels. In the first channel, R&D investment by the firm can impact the firm’s production efficiency and lower its marginal cost. This productivity channel raises the firm’s sales and profits in both the domestic and export market. The second channel is specific to exporting firms where R&D acts to increase the demand for the firm’s products in foreign markets. Using micro data for Swedish manufacturing firms from 2000-2010 we estimate the impact of R&D investment on the unobserved component of the firm’s productivity and export market demand. Our empirical results show that firm R&D investment has a statistically significant, positive effect on both the future productivity and the future export demand of the firm. For high-tech industries, we find that the impact of R&D investments on the demand shocks is twice as large as its impact on productivity. On the other hand, the impact of R&D investments on productivity in the low-tech industries is higher than on demand shocks. |
| JEL: | D22 F10 L60 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145945&r=ino |
| By: | Rosenbloom, Joshua L.; Ginther, Donna K. |
| Abstract: | We examine the distribution of Federal support for chemistry Research and Development (R&D) performed at U.S. universities from 1990-2009. Federal R&D funding is an essential source of funds for investigator-driven research at the nation’s universities. Previous studies have documented that aggregated federal R&D funding has become more dispersed over time and attributed this to political pressure to spread resources more evenly. There have, however, been few studies of the allocation of funds within narrowly defined scientific disciplines. By narrowing the focus and exploiting the panel nature of our data we are better able to analyze the correlates of funding variation, yielding a number of new insights not apparent in studies using more aggregated data. First, we find that R&D expenditures at the discipline level are considerably more volatile than aggregate funding. Second, we show a strong positive association between several measures of institutional research capacity and future funding. In particular, we find a positive association between the employment of postdoctoral researchers and higher future research funding. |
| Date: | 2016–12–29 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:201612290800001018&r=ino |
| By: | Antonelli, Cristiano (University of Turin) |
| Abstract: | This paper calls attention on the effects of the economic properties of knowledge on its derived demand, an issue that has not received enough attention in the literature. The results of the analysis suggests that, because of the idiosyncratic -Arrovian- properties of knowledge, a chain of effects takes place: i) in downstream markets the price of goods that have been produced using knowledge as an intermediate good, falls, ii) consequently the derived demand in upstream knowledge markets –both within corporations and by them to knowledge intensive business services (KIBS) - has a lower position, and iii) the price of knowledge is lower than it should be were knowledge a standard good traded in competitive markets, iv) with negative consequences in terms of adverse selection of large scale high quality research projects, but v) possible compensating effects stemming from the use of knowledge spillovers to generate cheaper knowledge. Such results have important implications for economic policy discussions and decisions. |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:uto:labeco:201608&r=ino |
| By: | Philippe Aghion; Ufuk Akcigit; Angus Deaton; Alexandra Roulet |
| Abstract: | In this paper we analyze the relationship between turnover-driven growth and subjective well-being. Our model of innovation-led growth and unemployment predicts that: (i) the effect of creative destruction on expected individual welfare should be unambiguously positive if we control for unemployment, less so if we do not; (ii) job creation has a positive and job destruction has a negative impact on well-being; (iii) job destruction has a less negative impact in areas with more generous unemployment insurance policies; and (iv) job creation has a more positive effect on individuals that are more forward-looking. The empirical analysis using cross sectional MSA (metropolitan statistical area)-level and individual-level data provide empirical support to these predictions. |
| JEL: | I31 J63 J65 O33 O38 |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:69228&r=ino |
| By: | Dimitrios Varvarigos; Nikolaos Kontogiannis |
| Abstract: | We offer a behavioural approach on the relation between growth and volatility, based on a monetary growth model where entrepreneurs borrow funds to invest in projects that produce capital goods. In addition to their varying pecuniary returns, different projects also vary with respect to the status they confer to the entrepreneurs who operate them. We show that social status promotes capital accumulation. We also show that, even when the status-induced increase of marginal utility is constant over time, the interaction between status and inflation is an additional source of transitional dynamics. When a social norm links this increase of marginal utility to past outcomes, however, the dynamics can generate endogenous cycles in the transition to the balanced growth path. |
| Keywords: | Social status, Norms, Economic growth, Cycles |
| JEL: | E32 O42 Z10 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:lec:leecon:17/05&r=ino |
| By: | Ugur, Mehmet; Trushin, Eshref; Solomon, Edna |
| Abstract: | This data article is related to the research article entitled “Inverted-U relationship between R&D intensity and survival: Evidence on scale and complementarity effects in UK data”. It describes the trends in R&D expenditures, employment of R&D personnel and firm entry and exit rates in the UK from 1998 to 2012. We also provide statistics on net employment creation and net R&D investments due to firm entry and exits. In addition, we compute the correlation coefficients between entry and exit rates at the two digit industry level so as to examine whether the correlations are contemporaneous or inter-temporal. Finally, we provide information about the underlying dataset to which secure access is available through UK Data Service Archive 7716 at http://dx.doi.org/10.5255/UKDA-SN-7716-1 . |
| Keywords: | R&D; Innovation; Firm dynamics; Survival analysis |
| Date: | 2016–05–21 |
| URL: | http://d.repec.org/n?u=RePEc:gpe:wpaper:15556&r=ino |