Venture capitalism is an outcome of the ICT Revolution, which made its appearance first in the US during the late 1970s and early 1980s and then in other countries including Israel during the 1990s. It explains the new pervasive role of small firms in the introduction of technological...

The paper investigates the effects of agglomeration and specialization of technological activities on regional productivity growth, applying the notion of pecuniary knowledge externalities. The latter are indirect interdependencies between firms mediated by the price system. Pecuniary knowledge...

The development of knowledge within industries is strongly influenced by the network structure of relations among firms. Firms relying on localized knowledge can implement their technological capability not only by means of research and development expenditures and internal learning but also...

Pecuniary externalities are crucial in shaping the strategies to value the distinctivecompetences and the economic success of innovative firms. The analysis of conditions forlocalized knowledge appropriation and exploitation makes it possible to identify idiosyncratic production factors....

Pecuniary externalities are crucial in shaping the strategies to value the distinctive competences and the economic success of innovative firms. The analysis of conditions for localized knowledge appropriation and exploitation makes it possible to identify idiosyncratic production factors. The...

We investigate the mechanisms of knowledge governance and show that the actual economic benefits stemming from knowledge externalities depend on the characteristics of (a) the sources of such externalities, (b) the context in which spillovers take place, (c) the potential users of the...

This paper contributes the analysis of the persistence of innovation activities, as measured by different innovation indicators and explores its past and path dependent characteristics. The study provides new insights on the role of R&D investments in innovation persistence and analyses...

The analysis of social interactions as drivers of economic dynamics represents a growing field of the economics of complexity. Social interactions are a specific form of interdependence whereby the changes in the behavior of other agents affect the structure of the utility functions for...

The new understanding of the characteristics of knowledge indivisibility and knowledge appropriability makes it possible to appreciate the key role pecuniary externalities play both in the generation and in the exploitation of technological knowledge. Pecuniary externalities affect access to...

Pecuniary externalities are crucial in shaping the strategies to value the distinctive competences and the economic success of innovative firms. The analysis of conditions for localized knowledge appropriation and exploitation makes it possible to identify idiosyncratic production factors. The...