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on Knowledge Management and Knowledge Economy |
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Issue of 2010‒03‒06
seven papers chosen by Laura Stefanescu European Research Centre of Managerial Studies in Business Administration |
| By: | Hall, Bronwyn H. (UNU-MERIT, Maastricht University, Institute of Fiscal Studies, University of California-Berkeley, and NBER); Lerner, Josh (Harvard Business School, and NBER) |
| Abstract: | Evidence on the "funding gap" for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high costs of capital that are only partly mitigated by the presence of venture capital, the evidence for high costs of R&D capital for large firms is mixed. Neverthless, large established firms do appear to prefer internal funds for financing such investments and they manage their cash flow to ensure this. Evidence shows that there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets for VC exit are not highly developed. We conclude by suggesting areas for further research. |
| Keywords: | innovation, R&D, financing, liquidity constraints, venture capital, cash flow |
| JEL: | G24 G32 O32 O38 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:unumer:2010012&r=knm |
| By: | Laure Cabantous (Nottingham University Business School); Denis Hilton (CLLE, Universite Toulouse II-Le Mirail); Howard Kunreuther (Center for Risk Management and Decision Processes The Wharton School, University of Pennsylvania); Erwann Michel-Kerjan (Center for Risk Management and Decision Processes The Wharton School, University of Pennsylvania) |
| Abstract: | Testing whether risk professionals (here insurers) behave differently under risk and ambiguity when they cover catastrophic risks (floods and earthquakes) and non-catastrophic risks (fires), this paper reports the results of the first field experiment in the United States designed to distinguish two sources of ambiguity: imprecise ambiguity (outside experts agree on a range of probability, but not on any point estimate) versus conflict ambiguity (each expert group provides precise probability estimates which differ from one group to another). Insurers charge higher premiums when faced with ambiguity than when the probability of a loss is well specified. Furthermore they charge more for conflict ambiguity than imprecise ambiguity for flood and hurricane hazards, but less so in the case of fire. The source of ambiguity also impacts causal inferences insurers make to reduce their uncertainty. |
| Keywords: | Ambiguity, Source of Uncertainty, Insurance Pricing, Decision-Making |
| JEL: | C93 D81 D83 |
| Date: | 2010–02–23 |
| URL: | http://d.repec.org/n?u=RePEc:bbr:workpa:7&r=knm |
| By: | Muntean, Mihaela-Carmen; Nistor, Costel; Manea, Ludmila Daniela |
| Abstract: | We are living through a period of profound change and transformation of the shape of society and its underlying economic base .The nature of production, trade, employment and work in the coming decades will be very different from what it is today. In an agricultural economy land is the key resource. In industrial economy natural resources, such as coal and iron ore and labour are the main resources. A knowledge economy is one in which knowledge is the key resource. One in which the generation and the exploitation of knowledge has come to play the predominant part in the creation of wealth. |
| Keywords: | Key words: knowledge economy; globalization; organization; comparative advantage |
| JEL: | D83 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:18256&r=knm |
| By: | Parpandel, Denisa Elena; Codreanu, Diana |
| Abstract: | Information, the third manifestation form of Fundamental Existence, has become the most valuable treasure of mankind. The Japanese once said that the happy masters of information in early 21st century are going to be the masters of the world, too. The sign of power is not going to be rendered by man-controlled energies, no matter their power or their effects, gold and other material values under any form, but information. The informational society that mankind irreversibly belongs to is defined as a society of knowledge and of organizations at the same time (Drucker, 1992). Organizations’ adaptability to future economy’s requirements depends on the development of a new management type focused on the values of knowledge and scientific creation. Thus, knowledge-based organizations are the collective intelligent players of informational society and play a major role in its becoming a knowledge society, a part of modern reality. |
| Keywords: | Keywords: knowledge; organizations; information; new economy |
| JEL: | D8 D83 |
| Date: | 2010–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20861&r=knm |
| By: | Anil Kumar K |
| Abstract: | The increasing attention and scientific research have made it possible to recognize tribal farmers as innovators, based on their unique practices in the field of sustainable agriculture. The study aims at understanding the importance of such farmers' knowledge and role in sustainable agriculture among the Pradhan Tribe in Adilabad District. The paper presents some empirical data from the Pradhan Tribe of Andhra Pradesh which highlights the community's indigenous agricultural knowledge and the changes over time. [CESS WP 81]. |
| Keywords: | Traditional Knowledge, tribal farmers, agriculture, Pradhan tribe, adilabad district, knowledge, scentific research, innovators, indigenous community, geographic area, local communities, legends, folklore, rituals, songs, developing societies, Andhra Pradesh, Sustainable Development |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2424&r=knm |
| By: | Parpandel, Denisa Elena; Belu, Nicoleta; Voiculet, Alina; Rizea, Ionela Carmen |
| Abstract: | „In the concept of a new economy that should integrate all stakeholders such as man, society, environment and organization, knowing natural, human and social life is becoming a greater and more comprehensive concern”. - D.J.Hickson Humankind is undergoing a historic process of passage to a new society, a new economic system that is modernized by IT. The new society is characterized by major changes as there is an upturn of values where knowledge has become the most important manufacturing factor in modern economy, meaning the bases of power exertion, generating productivity increase and ensuring business competitiveness. One can be certain that the future world ensuing from the current reshaping of values, beliefs, economic and social structures, of political concepts and systems, in brief of world conception shall be different from what anybody could imagine. |
| Keywords: | new economy; organization; management; knowledge; business competitiveness. |
| JEL: | D8 D83 |
| Date: | 2010–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20859&r=knm |
| By: | Bravo-Ortega, Claudio; Lederman, Daniel |
| Abstract: | Numerous studies predict that developing countries with low human capital may not benefit from the strengthening of intellectual property rights. The authors extend an influential theoretical framework to highlight the role of intellectual property rights in the process of innovation and structural change. The resulting theory is consistent with a stylized fact that appears in the data, namely that countries with poor intellectual-property protection may accumulate human capital without a corresponding increase in research and development investment as a share of national income. The model predicts that without minimum intellectual-property protection, additional education may result in more imitation rather than innovation. The preponderance of the econometric evidence presented in this paper suggests that interactions between human capital and intellectual property rights determine global patterns of research and development effort, and intellectual property rights tend to raise the effect of education on the incidence of research and development. |
| Keywords: | Economic Theory&Research,E-Business,Debt Markets,Labor Policies,Knowledge for Development |
| Date: | 2010–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5217&r=knm |