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on Technology and Industrial Dynamics |
| By: | Lööf, Hans (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology); Mairesse, Jacques (CREST-ENSAE, Paris and UNU-MERIT Maastricht); Mohnen, Pierre (UNU-MERIT Maastricht) |
| Abstract: | In year 1998, the seminal study Research Innovation and Productivity: An Econometric Analysis at the Firm Level, commonly labeled CDM (the acronym of the three authors’ names, Crépon, Duguet and Mairesse), was published in this journal. The empirical framework, presented there, following on ideas in the research of Zvi Griliches at the NBER and is one of the most influential contributions in recent literature on economics of innovation. The original CDM paper and papers inspired by its framework have received hundreds of citations in the empirical innovation literature. Whether directly linked or not to the CDM framework, the flow of studies improving on and enlarging the scope and methods of the empirical literature on R&D, innovation and productivity is continuing. Some of them, for example, focus on financing innovation, or innovation and employment, or innovation and trade, or competition, or intellectual property; some adopt a managerial perspective, or an innovation system approach in a Schumpeterian tradition, etc. This introduction to the special issue of EINT surveys a collection of 12 papers on the CDM model by 25 authors from eight countries. The papers take stock of the evolution of research based on the original CDM model launched 20 years ago, linking it to the previous literature, and proposing developments and generalizations of it in various dimensions. |
| Keywords: | CDM; R&D; innovation; productivity; micro-econometrics |
| JEL: | C30 D24 O30 O31 O33 |
| Date: | 2016–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0442&r=tid |
| By: | Dirk Czarnitzki; Julie Delanote |
| Abstract: | This paper integrates innovation input and output effects of R&D subsidies into a modified Crépon–Duguet–Mairesse (CDM) model. Our results largely confirm insights of the input additionality literature, i.e. public subsidies complement private R&D investment. In addition, results point to positive output effects of both purely privately funded and subsidy–induced R&D. Furthermore, we do not find evidence of a premium or discount of subsidy–induced R&D in terms of its marginal contribution on new product sales when compared to purely privately financed R&D. |
| Keywords: | CDM model, R&D, subsidies, innovation policy |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:ete:msiper:543966&r=tid |
| By: | Goerke, Björn; Albers, Sönke |
| Abstract: | Public agencies provide subsidies for small and medium sized businesses (SMEs) to foster their development in terms of employment and sales. Although input and output additionality have been researched intensively little is known about the actual long-term effects of subsidies on SME growth. Relying on a unique dataset of actual SMEs we provide a means of evaluating whether subsidies lead to the expected positive long-term effects. We apply a specifically designed 3-stage-effects-model (3SEM) from the input of resources to the final outcome. The results imply that the effects of subsidies differ across types: While R&D grants unfold enduring positive effects other subsidies like corporate matchmaking might even harm companies. |
| Keywords: | subsidies,additionality,innovation |
| JEL: | L2 H2 O3 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:142164&r=tid |
| By: | Mariana Mazzucato (Science Policy Research Unit, University of Sussex.); Gregor Semieniuk (Science Policy Research Unit, University of Sussex.) |
| Abstract: | Accelerating innovation in renewable energy (RE) requires not just more finance, but finance servicing the entire innovation landscape. Given that finance is not "neutral", more information is required on the quality of finance that meets technology and innovation stage-specific financing needs for the commercialization of RE technologies. We investigate the relationship between different financial actors with investment in different RE technologies. We construct a new deal-level dataset of global RE asset finance from 2004 to 2014 based on Bloomberg New Energy Finance data, that distinguishes 10 investor types (e.g. private banks, public banks, utilities) and 11 RE technologies into which they invest. We also construct a heuristic investment risk measure that varies with technology, time and country of investment. We nd that particular investor types have preferences for particular risk levels, and hence particular types of RE. Some investor types invested into far riskier portfolios than others, and financing of individual high-risk technologies depended on investment by specific investor types. After the 2008 financial crisis, state-owned or controlled companies and banks emerged as the high-risk taking locomotives of RE asset finance. We use these preliminary results to formulate new questions for future RE policy, and encourage further research. |
| Keywords: | renewable energy nance, direction of innovation, nancial actor types, deployment, technology risk, investment portfolio |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:sru:ssewps:2016-12&r=tid |
| By: | Jaffe, Adam B. |
| Keywords: | Agricultural and Food Policy, |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare16:235337&r=tid |
| By: | Giammario Impullitti; Omar Licandro |
| Abstract: | We study the welfare gains originating from pro-competitive effects of trade liberalization in an economy with heterogeneous firms, variable markups and endogenous growth. Variable markups arise from oligopoly trade in similar goods, and cost-reducing innovation is the engine of sustained productivity growth. Trade liberalization stiffens product market competition by reducing markups, generating tougher firm selection and increasing the aggregate productivity level. Market share reallocations triggered by selection increase firms’ incentives to innovate, thereby leading to a higher aggregate productivity growth rate. Endogenous productivity growth boosts the selection gains from trade, leading to substantial welfare improvements. A calibrated version of the model shows that growth doubles the gains from trade obtainable in models with static firm-level productivity. |
| Keywords: | Endogenous Growth, Heterogeneous Firms, Oligopoly, Variable Markups, Dynamic Gains from Trade. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:16/05&r=tid |
| By: | Bart Leten; Rene Belderbos; Bart Van Looy |
| Abstract: | Entry and success in new technology domains (NTDs) is essential for firms’ long-term performance. We argue that firms' choices to enter NTDs and their subsequent performance in these domains are not only governed by firm–level factors but also by environmental characteristics. Entry is encouraged by the richness of opportunities for technology development, while technology competition by incumbent firms discourages entry and render entries that do take place less successful. Firms are expected to be positioned heterogeneously to recognize and capitalize on technological opportunities, depending on the presence of a related technology base. We find qualified support for these conjectures in a longitudinal analysis of entry and technological performance in NTDs by 176 R&D intensive firms. While opportunity rich technology environments attract entries by firms even if these NTDs are distal from firms’ existing technologies, firms require related technological expertise in order to exploit technological opportunities post-entry. |
| Keywords: | Competition, entry, innovation, relatedness, technological opportunities, technology search |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ete:msiper:540570&r=tid |
| By: | Colombelli, Alessandra; Krafft, Jackie; Vivarelli, Marco (University of Turin) |
| Abstract: | This paper investigates the reasons why entry per se is not necessarily good and the evidence showing that innovative startups survive longer than their non-innovative counterparts. In this framework, our own empirical analysis shows that greater survival is achieved when startups engage successfully in both product innovation and process innovation, with a key role of the latter. Moreover, this study goes beyond a purely microeconomic perspective and discusses the key role of the environment within which innovative entries occur. What shown and discussed in this contribution strongly supports the proposal that the creation and survival of innovative start-ups should become one qualifying point of the economic policy agenda. |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:uto:dipeco:201602&r=tid |
| By: | Giovanni Dosi; Marco Grazzi; Nanditha Mathew |
| Abstract: | "Learning-by-doing" is usually identified as a process whereby performance increases with experience in production. The paper investigates different patterns of "learning by doing", studying learning curves at product level. Cost-quantity relationships differ a lot across products belonging to sectors with different "technological intensities". Moreover, such differential patterns are affected by firm spending on research and capital investments. Finally, our evidence suggests that "learning", or performance improvement over time is not a by-product of the mere repetition of the same production activities, as sometimes reported in previous studies, but rather it seems to be shaped by deliberate firm learning efforts and by the interactions among firms themselves. |
| Keywords: | Learning-by-doing, learning curves, power law, product innovation, process innovation |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2016/26&r=tid |
| By: | Jiri Schwarz (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic; Czech National Bank, Na Prikope 28, 115 03 Prague 1, Czech Republic); Martin Stepanek (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic) |
| Abstract: | This paper utilizes a data set of over 208,000 U.S. patents applied for between 1975 and 2010 to study development of strategic patenting over time and across industries. With received citations as a measure of patent social value, we use data envelopment analysis to estimate firm-level relative importance of strategic versus protective patenting. Our novel identification strategy reveals there was an almost universal drop in patent social value in the second half of the 1990s, signaling a shift towards the strategic use of patents. But the development of patenting strategies continued even after 2000 with semiconductor companies increasing their focus on patent value relative to companies from other industries. On average, aerospace and software companies preferred the production of valuable patents, but patenting strategies can differ vastly even among companies operating within one industry. The results confirm our expectations regarding the focus of aerospace companies on socially valuable patents. |
| Keywords: | Patents, patent value, strategic patenting, intellectual property rights |
| JEL: | D23 K11 O32 O34 |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2016_08&r=tid |
| By: | Tommaso Ferraresi (Università degli Studi di Firenze [Firenze]); Andrea Roventini (Laboratory of Economics and Management (Pisa) (LEM)); Willi Semmler (New School for Social Research) |
| Abstract: | In this work we investigate the interrelations among technology, output and employment in the different states of the U.S. economy (recessions vs. expansions). More precisely, we estimate different threshold vector autoregression (TVAR) models with TFP, hours, and GDP, employing the latter as threshold variable, and we assess the ensuing generalized impulse responses of GDP and hours as to TFP shocks. We find that positive productivity shocks, while spurring GDP growth, display a negative effect on hours worked at least on impact, independently of the state of the economy. In the 1957-2011 period, the effects of productivity shocks on employment are abundantly negative in downturns, but they are not significantly different from zero in good times. However, the impact of TFP shocks in different business cycle regimes depends on the chosen sample: after the mid eighties (1984-2011), productivity shocks increase hours during recessions. Finally, we express and test some conjectures that might have caused the changes in the responses in different time periods. |
| Keywords: | Technology shocks; Employment; Threshold vector autoregression; Generalized impulse response functions |
| JEL: | E32 O33 C32 E63 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/2beljp6noq9u6oh9p9agr8ugra&r=tid |
| By: | Caiani, Alessandro; Russo, Alberto; Gallegati, Mauro |
| Abstract: | The paper builds upon the Agent Based-Stock Flow Consistent model presented in Caiani et al. (2015) to analyze the relationship between income and wealth inequality and economic development. For this sake, the original model has been amended under three main dimensions: first, the households sector has been subdivided into workmen, office workers, researchers, and executives which compete on segmented labor markets. Conversely, firms are now characterized by a hierarchical organization structure which determines, according to firms’ output levels, their demand for each type of workers. Second, in order to account for the impact of income and wealth distribution on consumption patterns, different households classes - also representing different income groups - have diversified average propensities to consume and save. Finally, the model now embeds technological change in an evolutionary flavor, affecting labor productivity evolution in the consumption sector through product innovation in the capital sector, where firms invest in R&D and produce differentiated vintages of machineries. The model is then calibrated using realistic values for both income and wealth distribution across different income groups, and their average propensities to consume. Results of the simulation experiments suggest that more progressive tax schemes and labor market policies aiming to increase low and middle workers’ coordination, and to support their wage levels, concur to foster economic development and to reduce inequality, though the latter seem to be more effective under both respects. The model thus provides some evidence in favor of a wage-led growth regime, where improvements of middle-low levels workers’ conditions create positive systemic effects, which eventually trickle up also to high income-profit earners households. |
| Keywords: | Innovation, Inequality, Agent Based Macroeconomics, Stock Flow Consistent Models. |
| JEL: | C63 D31 D33 E32 O33 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:71864&r=tid |