Showing 1 - 10 of 12,168
Technological progress is typically a result of trial-and-error research by competing firms. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end...
Persistent link: https://www.econbiz.de/10009366835
Technological progress is typically a result of trial-and-error research by competing firms. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end...
Persistent link: https://www.econbiz.de/10009368448
Persistent link: https://www.econbiz.de/10005706577
This paper investigates the relationship between various market imperfections and the skill premium. The model in this paper assumes perfectly competitive labor markets but distorted product and financial markets. The model predicts that the skill premium is positively correlated with market...
Persistent link: https://www.econbiz.de/10005771210
We analyze recent contributions to growth theory based on the model of expanding variety of Romer (1990). In the first part, we present different versions of the benchmark linear model with imperfect competition. These include the “labequipment” model, labor-for-intermediates” and...
Persistent link: https://www.econbiz.de/10005772070
How does market organization affect quality innovation efforts and social welfare? Three stochastic dynamic market structures considered are monopoly, duopoly, and social planning. Products can be either linearly or nonlinearly substitutable. The introduction of a step function allows richer...
Persistent link: https://www.econbiz.de/10005835961
The aim of this work is to investigate the probability of success or failure of public interventions, made to support the development of some Italian firms. The great number of small and medium-size enterprises, placed in the Canavese area, north of Turin, Italy, has suffered, in the nineties,...
Persistent link: https://www.econbiz.de/10008543168
Sunk costs for R&D are an important determinant of the level of innovation in the economy. In this paper I recover them using a Markov equilibrium framework. The contribution is twofold. First, a model of industry dynamics which accounts for selection into R&D, capital accumulation and...
Persistent link: https://www.econbiz.de/10008476315
The paper analyses the role of capital structure of firm on industry dynamics. Empirical evidence shows that policy interventions can alter for some the frims�cost of the capital. As a result firms on average are overcapitalized with a low capital productivity. Moreover, the market in which...
Persistent link: https://www.econbiz.de/10005537637
Small firms encounter difficulties in raising external finance owing to greater information problems. For small innovative firms, whose activity is more difficult to evaluate, the cost of external finance could be even higher. This paper examines special features of the financial structure of...
Persistent link: https://www.econbiz.de/10005111559