Amable, Bruno; Chatelain, Jean-Bernard; Ralf, Kirsten - In: Journal of Economic Dynamics and Control 34 (2010) 6, pp. 1092-1104
This paper studies how the assignment of patents as collateral determines the savings of firms and magnifies the effect of innovative rents on investment in research and development (R&D). We analyse the behaviour of innovative firms that face random and lumpy investment opportunities in R&D....