that the total current period (static) welfare gains of introducing a process or a product innovation are, on average …

This paper compares the role innovation plays in productivity across the four European countries France, Germany, Spain … and the UK using firm-level data from the internationally harmonized Community Innovation Surveys (CIS3). Despite a … still rare. We apply a structural model that describes the link between R&D expenditure, innovation output and productivity …

from pharmaceutical innovation. Extending previous studies of the welfare benefits from innovation (Trajtenberg, 1990 …