Showing 1 - 10 of 33
We consider optimal investment behavior for a firm facing both technological and economic uncertainty, in the context of a research project with unpredictable outcomes. The optimal investment strategy, in the form of a pair of trigger points for investment and abandonment, is derived. As in...
Persistent link: https://www.econbiz.de/10005368588
This paper aims to contribute to the new growth theory with a model in which the engine of growth is human capital growth. Building on Romer's [1990] model, two new functions are introduced: (1) a specification for the production of new designs that assumes no externalities and no inventions...
Persistent link: https://www.econbiz.de/10005146851
Why should a firm wish to create a new technology that it will leave unexploited for some time? Sleeping patents have long been perceived as anticompetitive devices, used by dominant firms to block entry into their market. In a real options framework with both economic and technological...
Persistent link: https://www.econbiz.de/10005747052
This paper considers irreversible investment in competing research projects with uncertain returns under a winner-takes-all patent system. Uncertainty takes two distinct forms: the technological success of the project is probabilistic, while the economic value of the patent to be won evolves...
Persistent link: https://www.econbiz.de/10005747131
Every year thousands of firms are engaged in research joint ventures (RJV), where all knowledge gained through R&D is shared among members. Most of the empirical literature assumes members are non-cooperative in the product market. But many RJV members are rivals leaving open the possibility...
Persistent link: https://www.econbiz.de/10011144199
the importance of the outward orientation of services for service sector productivity, and the growing importance of … services for productivity performance overall. (3) The trend of British industrial performance was not improved by protection …-industrialisation after World War II had an adverse effect on productivity performance in industry and in the aggregate economy. …
Persistent link: https://www.econbiz.de/10010862672
with new Banca d’Italia estimates of GDP by sector, this paper evaluates the different labour productivity growth trends … within the Italian economy’s sectors, as well as the contribution of structural change to productivity growth. Italy …’s performance is then set in an international context: a comparison of sectoral labour productivity growth rates and levels within a …
Persistent link: https://www.econbiz.de/10010862706
factor productivity (TFP) and by the capital stock per capita. These variables su¢ ce to calculate welfare changes within a …
Persistent link: https://www.econbiz.de/10010862710
We investigate whether and how the type of unemployment benefit institution affects productivity. We designed a field … experiment to compare workers' productivity under a welfare system, where the unemployed receive an unconditional monetary … transfer, with their productivity under a workfare system, where the transfer is received conditional on the unemployed …
Persistent link: https://www.econbiz.de/10011261911
In universities all over the world, hiring and promotion committees regularly hear the argument: “this is important work because it is about to appear in prestigious journal X”. Moreover, those who allocate levels of research funding, such as in the multi-billion pound Research Assessment...
Persistent link: https://www.econbiz.de/10005368582