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2000 | Buch

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The Economics and Econometrics of Innovation

verfasst von: David Encaoua, Bronwyn H. Hall, François Laisney, Jacques Mairesse

Verlag: Springer US

Enthalten in: Professional Book Archive

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During the past few decades, the interest of economists in the sources of long-term economic growth has led an increasing number of them to focus on the role of innovation in creating that growth. Although some researchers have always been interested in this topic, the groundbreaking work of Solow (1957), Nelson (1959) and Arrow (1962) made many other economists recognize the central role played by innovation in almost all spheres of economic activity.
The Economics and Econometrics of Innovation presents a valuable overview of the work of the world's most renowned experts in the field of innovation and technical change. It collects 22 outstanding contributions that reflect the results of the vast, worldwide research efforts and remind us of the importance of economic incentives in shaping and directing innovative activities. The volume presents an edited selection of papers that were first presented at the 10th International ADRES conference. One particular goal of this book is to bring out the complementary nature of the various approaches to innovation, and to facilitate in-depth dialogues both between microeconomists and macroeconomists, and between theoreticians and econometricians. General topics that are considered range from the economy-wide effects of innovation on growth and employment to the variation of individual firm innovative performance; from the analysis of networks and standardization to the role of intellectual property rights and the assessment of knowledge spillovers. Besides the wealth of information presented in the chapters, readers of this volume will also appreciate the value of examining a single question from different angles and by using different methods.

Inhaltsverzeichnis

Frontmatter

Overview

Overview
Abstract
During the past few decades, the interest of economists in the sources of long run economic growth has led an increasing number to focus their attention on the role of innovation in creating that growth. Although some researchers have always been interested in this topic, in the last few years many others have recognized the central role played by innovation in almost all spheres of economic activity. Taking a somewhat U.S.-centric perspective, one can probably date the origins of the mainstream development of this research agenda from Solow’s (1957) «discovery» of the importance of the «residual» in aggregate productivity growth and Nelson’s (1959) and Arrow’s (1962) influential papers on the economics of knowledge creation.
David Encaoua, Bronwyn H. Hall, François Laisney, Jacques Mairesse

Macroeconomic Effects of Innovation

1. On the Macroeconomic Effects of Major Technological Change
Abstract
This paper analyses how a General Purpose Technology (GPT) diffuses throughout the various sectors of an economy. The model outlined in this paper can account for a number of empirical observations: in particular, the existence of delays followed by acceleration phases in the experimentation and implementation of a new GPT, and the occurrence of productivity slow-downs and wage inequality increases during the acceleration phase of the logistic diffusion curve.
Philippe Aghion, Peter Howitt
2. On Knowledge Diffusion, Patents Lifetime and Innovation Based Endogenous Growth
Abstract
This paper analyzes the macroeconomic effects of the patents system within the framework of an endogenous growth model with new products development. We assume that patents not only represent a commercial protection for innovators but also entail a partial property right on information. Therefore, increasing the patents lifetime increases the profitability of a given research and development project but also decreases the knowledge spillovers that play a crucial role in the growth process. We then show that when the instantaneous diffusion of knowledge is “low”, growth is maximized by a finite patents lifetime while this role is devoted to infinitely lived patents are growth-maximizing when the instantaneous diffusion of knowledge is “high”. Furthermore, in the former case, the optimal patents lifetime is also finite and shorter than the growth maximizing one. The design of an optimal patents policy only holds in a second best analysis. When the resource allocation is determined by a central planner maximizing the utility of a representative agent, social welfare is always higher than in the decentralized case.
Philippe Michel, Jules Nyssen
3. Endogenous Growth and the Labor Market
Abstract
We present a multisectoral model of qualitative endogenous growth with imperfect matching on the labor market. Under these conditions, growth induces unemployment through the Schumpeterian process of creative destruction. We study the long-run link between growth and unemployment. We show that this link structurally depends on the relative importance of the degree of competition in the economy, and that of intertemporal substitutability. Moreover, although the relationship between growth and labor market variables is generally ambiguous, we show that the creative destruction effects are very likely to dominate in this kind of models, thus suggesting that a increase in the growth rate should be accompanied by a rise in long-term unemployment.
Frédérique Cerisier, Fabien Postel-Vinay

Public Sector Scientific Research

4. Research Productivity in a System of Universities
Abstract
This paper considers research performance of U.S. universities for eight science fields. At the aggregate level we find that research output follows a constant returns to scale process. However, for individual universities we find evidence of diminishing returns. We offer two explanations for these differing results. First, data errors are more important at the individual level. Second, research spillovers exist between universities and fields that are captured only at the aggregate level.
James D. Adams, Zvi Griliches
5. Reputation and Competence in Publicly Funded Science: Estimating the Effects on Research Group Productivity
Abstract
This paper estimates the “production function” for scientific research publications in the field of biotechnology. It utilises an exceptionally rich and comprehensive data set pertaining to the universe of research groups that applied to a 1989–1993 research programme in biotechnology and bio-instrumentation, sponsored by the Italian National Research Council, CNR. A structural model of the resource allocation process in scientific research guides the selection of instruments in the econometric analysis, and controls for selectivity bias effects on estimates based on the performance of funded research units. The average elasticity of research output with respect to the research budget is estimated to be 0.6; but, for a small fraction of groups led by highly prestigious Pls this elasticity approaches 1. These estimates imply, conditional on the distribution of observed productivity, that a more unequal distribution of research funds would increase research output in the short-run. Past research publication performance is found to have an important effect on expected levels of grant funding, and hence on the unit’s current productivity in terms of (quality adjusted) publications. The results show that the productivity of aggregate resource expenditures supporting scientific research is critically dependent on the institutional mechanisms and criteria employed in the allocation of such resources.
Ashish Arora, Paul A. David, Alfonso Gambardella
6. The Impact and Organization of Publicly-Funded Research and Development in the European Community
Abstract
This paper examines R&D activities in the European Community using several Community R&D Information Service (CORDIS) databases. We find that a country’s private companies tend to be specialized in the same scientific fields as its universities and public organizations. In addition, we construct indicators of the degree of R&D tacitness and find that greater expected ability to communicate research outcomes encourages less centralized R&D programs. Programs that yield tangible results are less geographically and administratively centralized. The more that research leads to codifiable knowledge, the less centralized R&D activity needs to be.
Maryann P. Feldman, Frank R. Lichtenberg

Intellectual Property Rights and Patents

7. The Enforcement of Intellectual Property Rights: A Survey of the Empirical Literature
Abstract
This paper examines several recent avenues of empirical research into the enforcement of intellectual property rights. To frame these issues, we start with a stylized model of the patent litigation process. The bulk of the paper is devoted to linking the empirical literature on patent litigation to the parameters of this model. The four major areas we consider are (i) how the propensity to litigate patents varies with the expected benefits of litigation, (ii) the ways in which the cost of litigation affects the willingness to enforce patents, (iii) how the cost of enforcing patents changes the private value of patent rights, and (iv) the impact of intellectual property litigation on the innovation process itself.
Jean O. Lanjouw, Josh Lerner
8. An Auction Model of Intellectual Property Protection: Patent Versus Copyright
Abstract
In this paper several firms compete for the right to obtain intellectual property protection for a basic idea which has subsequent potential applications. The modelling employs an auction analogy, taking the context to be an n-player all-pay auction, with a reserve. We find that, even taking only firms’ own utilities into account, welfare has no interior maximum, so that either maximal, or minimal, protection is optimal. Through examining a simple version of this game, we suggest that software is socially better protected by means of copyright rather than patent.
Michael Waterson, Norman Ireland
9. Information Disclosure in the Renewal of Patents
Abstract
This paper presents a patent choice model allowing strategic decisions in a sequential game with two agents: a patentholder, who knows the characteristics of the market, and a potential entrant who has imperfect information about the value of demand.
We study several Perfect Bayesian Equilibria. We find equilibria where the incumbent prefers not to pay the renewal fee for the patent hoping that it will be interpreted by the challenger as a signal of low market profitability.
Claude Crampes, Corinne Langinier
10. Appropriation Strategy and the Motivations to use the Patent System: an Econometric Analysis at the Firm Level in French Manufacturing
Abstract
This paper studies the determinants of both the percentage of innovations that are patented and the number of European patent applications by industrial firms, using data from the French survey on appropriation (EFAT). We build a two equations model including count and interval dependent variables and estimate it by asymptotic least squares. Controlling for the traditional determinants of innovation, like research and development expenditures, we find that patent disclosure is the main reason why firms do not patent all their innovations. Moreover, once we control for the differences in the propensity to patent, patent disclosure also reduces the number of patents applications. On the other hand, the will of firms to acquire a stronger position in technology negotiations and to avoid trials increases the number of patent applications.
Emmanuel Duguet, Isabelle Kabla
11. Patents and R&D An Econometric Investigation Using Applications for German, European and US Patents by German Companies
Abstract
Based on the data of the first wave of the Mannheim Innovation panel, this paper explores the link between R&D expenditures and patents. Our data allow a detailed analysis of the firm size distribution of R&D and patent applications at different patent offices. It is shown that the share of R&D performing firms is stictly increasing win firm size. The share of firms applying for patents shows an even steeper increase with firm size. Moreover, large firms are more likely apply for patents in more than one country. The home patent office appears especially important for small firms. Using various count data models, the paper explores the relationship between R&D and patents at the firm level. We carefully test several distributional assumptions for count data models. A negative binomial hurdle model seems to be the most appropriate count data model for our data as the decision to patent inventions and the productivity of R&D are ruled by different mechanisms. Our estimates point towards significant returns to scale of R&D. Furthermore, the empirical results can be interpreted towards minor and insignificant spillover effects. Even after controlling for a variety of firm characteristics, firm size exhibits a large effect on the propensity to patent.
Georg Licht, Konrad Zoz

Networks and Standardization

12. Equilibrium Coalition Structures in Markets for Network Goods
Abstract
Firms that produce network goods have strong incentives to adhere to common technical standards. However, adhering to common standards decreases the horizontal differentiation between goods, and that increases market competition. This paper analyzes how these countervailing forces shape firms’ decisions to comply to common technical standards under oligopoly. In the model, firms’ outputs are identical in non-network characteristics, but firms can adhere to different compatibility standards. Consequently, a good’s relative quality level is determined by the total sales of compatible goods. The technical standards coalition structures that form at equilibrium under this framework exhibit interesting characteristics. In particular, coalitions that vary greatly in total sales, profits, and prices often emerge, even though underlying products and cost structures are identical across firms.
Nicholas Economides, Fredrick Flyer
13. Does Standardization Really Increase Production?
Katz and Shapiro’s result revisited
Abstract
In market structures with network externalities, it is often asserted that there is a natural tendency toward standardization. In this paper it is argued that incompatible products may survive in static models. Like Katz and Shapiro [1985], I develop a simple multi-product oligopoly in which the demand for one of these commodities increases with the number of agents consuming this good. Instead I introduce a variety of cost functions and discuss the limitations of their results of Katz and Shapiro and exhibit an example that reverses their conclusions.
Hubert Stahn

R&D Investment and Productivity

14. Accumulation of R&D Capital and Dynamic Firm Performance: a Not-so-Fixed Effect Model
Abstract
Considering the observed patterns of R&D investment, we argue that a model which allows for a positive feedback from already acquired knowledge to the productiveness of current research, fits the empirical evidence better than the standard model that treats knowledge accumulation symmetrically with the accumulation of physical capital. We present an econometric framework consistent with a positive feedback in the accumulation of R&D capital. The empirical model is econometrically simple and less data-demanding than the standard framework. Our estimates show a significant positive effect of R&D on performance and a positive feedback effect from the stock of knowledge capital. We calculate the depreciation rate and the rate of return to knowledge capital for our alternative framework, and compare our estimated rates of return to results obtained within the standard framework.
Tor Jakob Klette, Frode Johansen
15. Are There Financing Constraints for R&D and Investment in German Manufacturing Firms?
Abstract
Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to cash flow for relatively small firms. Much of this effect vanishes once error-correcting behavior is taken into account, but a significant positive relationship between cash flow and investment remains for relatively small firms. In the case of R&D, weak but significant cash flow effects persist both for small and large firms. The evidence from Euler equation estimates is not conclusive. The investment Euler equation for large firms appears to perform relatively well and yields results close to those expected under the null hypothesis of no financing constraints. The estimates from the Euler equation for R&D are not informative. Additional evidence from survey data suggests that the cash flow sensitivity of investment in small firms is likely to reflect financing constraints.
Dietmar Harhoff

Profits from Innovation

16. The Commercial Success of Innovations: an Econometric Analysis at the Firm Level in French Manufacturing
Abstract
This paper offers some empirical evidence on how do product and process innovations affect manufacturing sales and exports. Accounting for differences in technological opportunities between industries, and the “market pull” or “technology push” nature of firms’ innovations, we explain the share of new products in total sales and exports by the innovation types firms have implemented. The data come from the French Ministry of Industry’s Innovation survey 1986–1990. The left-hand variables are the sales revenues and the export revenues of the firms that are attributable to products introduced within the last 5 years. Given that the survey reports only interval data, our estimates were obtained by maximum likelihood on the ordered probit model. The following results are obtained: (i) The contribution of products less than 5 years old is lower to overall exports than to total sales but the innovative content is stronger in exports than in domestic sales; (ii) The greater the underlying technological opportunities, the less successful are product imitations; (iii) Both domestic sales and exports are mostly made of product improvements; (iv) Firm size has a positive effect on innovation output only when the technological opportunity is strong.
Corinne Barlet, Emmanuel Duguet, David Encaoua, Jacqueline Pradel
17. Incentives for Cost Reducing Innovations Under Quantitative Import Restraints
Abstract
The effect of trade quotas on firms’ incentive to invest in cost-reducing R&D is studied in a two-stage price-setting duopoly game. A domestic and a foreign firm first choose R&D levels and then set the prices of their differentiated products in the domestic market. With a quota imposed at, or close to, the free-trade level of imports, the domestic firm faces less competition than under free-trade and invests less in R&D. Contrarily, the constrained foreign firm invests more in R&D as the negative strategic effect of a reduction in its cost is now absent. These results differ partially from the Cournot duopoly case in which R&D expenditures are lower for both the firms. As the quota becomes more restrictive, the domestic firm increases and the foreign firm decreases its expenditures on R&D. Domestic welfare is always higher under free-trade than under any quota regardless of the degree of product substitutability.
Célia Costa Cabral, Praveen Kujal, Emmanuel Petrakis
18. The Size Distribution of Profits from Innovation
Abstract
— This paper reports on research seeking to determine how skew the distribution of profits from technological innovation is — i.e., whether it conforms most closely to the Paretian, log normal, or some other distribution. The question is important, because high skewness makes it difficult to pursue risk-hedging portfolio strategies, and it may have real business cycle consequences. Data from several sources are examined: the royalties from U.S. university patent portfolios, the quasi-rents from marketed pharmaceutical entities, the stock market returns from three large samples of high-technology venture startups, and preliminary results from a survey of German patents on which renewal fees were paid until full-term expiration in 1995. The evidence reveals a mixture of distributions, some close to log normality and some Paretian. Preliminary hypotheses about the underlying behavioral processes are advanced.
Frederic M. Scherer

Spillovers

19. Looking for International Knowledge Spillovers A Review of the Literature with Suggestions for New Approaches
Abstract
This paper reviews the recent empirical literature on international knowledge spillovers. I start by summarizing the theoretical models that have highlighted the potential importance of these spillovers. Then, drawing upon the older micro productivity research tradition, I lay out a simple conceptual framework (though not a formal theoretical framework) for thinking about the various kinds of knowledge transfers that may exist, how they might be mediated, and the means by which their effects might be traced empirically. I then review some influential empirical papers, demonstrating that empirical work to date may very well not have identified the effects the authors set out to measure. Finally, I describe some promising new approaches which may allow researchers in this field to identify more precisely, both conceptually and empirically, certain kinds of international knowledge spillovers.
Lee G. Branstetter
20. Factor Intensities, Rates of Return, and International R&D Spillovers: The Case of Canadian and U.S. Industries
Abstract
— This paper estimates the effects of both intranational and international spillovers on production cost, and factor intensities (including R&D intensity) for eleven manufacturing industries in the U.S., and Canada. In addition, social rates of return to R&D capital are calculated, and decomposed into private rates of return, and the extra-returns due to intranational and international spillovers.
International spillovers are usually cost reducing, and increase R&D and physical capital intensities. International spillovers are generally labor and intermediate input intensity reducing. In Canada, international spillover effects are more elastic than domestic spillover elasticities. In the U.S. the same relationship exists, but is not as pronounced.
Social rates of return to R&D capital are substantially above the private rates in both Canada and U.S. In Canada, international spillovers generally account for a greater percentage of the social returns relative to the domestic spillovers. In the U.S. the converse occurs. Canadian social rates are from two and a half to twelve times greater than private returns, while U.S. social returns are from three and a half to ten times greater than the private rates.
Jeffrey I. Bernstein
21. Exploring the Spillover Impact on Productivity of World-Wide Manufacturing Firms
Abstract
— This paper analyzes the relationship between R&D activity, spillovers and productivity at the firm level. Particular attention is put on the formalization of technological spillovers. The analysis is based upon a new dataset composed of 625 worldwide R&D-intensive manufacturing firms whose information has been collected for the period 1987–1994. Given the panel data structure of the sample, ad hoc econometric techniques which deal with both firm’s unobserved heterogeneity and weak exogeneity of the right hand-side variables are implemented. The empirical results suggest that spillover effects influence significantly firm’s productivity. Nevertheless the effects differ substantially among the pillars of the Triad. The United States are mainly sensitive to their national stock of spillovers while Japan appears to draw from the international stock. On its side, Europe shows a tendency to internalize spillovers.
Henri Capron, Michele Cincera
22. Innovation Spillovers and Technology Policy
Abstract
— We examine a model of R&D competition and cooperation in the presence of spillovers. However, unlike virtually all the literature, we treat these spillovers as endogenous and under the control of firms. We show that it is then essential to make a number of distinctions that are ignored in the literature. In particular we need to distinguish between the amount of R&D that firms do and the amount of spillover they generate; between information sharing and research coordination; between each of the latter and cooperation; between substitute and complementary research paths; between firms being located in the same industry or in different industries. These distinctions matter because, as we show, coordination can arise without cooperation (different industries, complementary research, research design) while cooperation need not induce information sharing (same industry, substitute research, information sharing). In many cases, however, allowing cooperation is sufficient to induce full infonnation sharing/research coordination, in which case the justification, if any, for a technology policy that takes the form of an R&D subsidy lies in encouraging firms to undertake more R&D. Our analysis suggests that cooperative arrangements between firms may often produce too little R&D, and therefore that R&D subsidies can be justified — but not to correct information problems, but other market failures in the amount of R&D firms choose to do.
Y. Katsoulacos, D. Ulph
Backmatter
Metadaten
Titel
The Economics and Econometrics of Innovation
verfasst von
David Encaoua
Bronwyn H. Hall
François Laisney
Jacques Mairesse
Copyright-Jahr
2000
Verlag
Springer US
Electronic ISBN
978-1-4757-3194-1
Print ISBN
978-1-4419-4971-4
DOI
https://doi.org/10.1007/978-1-4757-3194-1