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Patent protection, market uncertainty, and R&D investment
Czarnitzki, Dirk (contributor); Toole, Andrew A. (contributor) - 2006
The real options investment theory shows that greater uncertainty about market revenues reduces current R&D investment by increasing the value of waiting. This paper presents empirical evidence that patent protection mitigates the effect market uncertainty on R&D investment.
Persistent link: https://www.econbiz.de/10003359656
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Patent protection, market uncertainty, and R&D investment
Czarnitzki, Dirk (contributor); Toole, Andrew A. (contributor) - 2008 - Rev. version
Real options investment theory predicts current investment falls as uncertainty about market returns increases. In the case of R&D investment, which is usually considered an irreversible form of investment, this effect should be quite pronounced. This paper tests the real options prediction...
Persistent link: https://www.econbiz.de/10003671163
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Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk
Krueger, Dirk; Ludwig, Alexander - 2018
facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of … optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income … risk. Its sign depends on the extent of risk and on the Pareto weight of future generations. If the Ramsey tax rate that …
Persistent link: https://www.econbiz.de/10011816301
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Idiosyncratic risk, aggregate risk, and the welfare effects of social security
Harenberg, Daniel; Ludwig, Alexander - 2018 - This version: December 1, 2017
productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against … both risks is greater than the sum of benefits from insurance against the isolated risk components. One reason is the … convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …
Persistent link: https://www.econbiz.de/10011816319