Innovations, patent races and endogenous growth
نویسندگان
چکیده
منابع مشابه
Innovations, Patent Races and Endogenous Growth
This paper presents a model of innovations and economic growth, which departs from earlier endogenous growth models by assuming that innovations require not only labor of innovators, but also time. Each innovation has to wait till its time comes, and speeding it up is costly. This change in assumption yields a number of important results. First, the model gives rise to patent races, where many ...
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Most traditional studies of R&D do not consider that the use of leverage to finance R&D may affect total R&D expenditures in a patent race. We show that debt acts as a commitment to a smaller amount of total R&D spending (debt+equity) than would occur if firms were entirely equity financed. A commitment to lower R&D expenditure can be strategically beneficial; under a flow-cost model, debt indu...
متن کاملOptimal Rules for Patent Races
There are two important rules in a patent race: what an innovator must accomplish to receive the patent and the allocation of the benefits that flow from the innovation. Most patent races end before R&D is completed and the prize to the innovator is often less than the social benefit of the innovation. We study the optimal combination of prize and minimal accomplishment necessary to obtain a pa...
متن کاملPatent Races, Product Standards, and International Competition
We examine anticipatory prcxiuct standards intended to improve the strategic position of fInns in an international patent race where fInns do R&D to develop products that are close substitutes. The effects of a standard are shown to depend on the way the standard is specified, which ftnn develops which product, and on the order in which products are discovered. Simple standards are, in general,...
متن کاملPatent races: pros and cons | IPdigIT
We have already developed on this blog the relationship between competition and innovation (see here and here). This relationship goes both ways. On the one hand, competition affects innovation insofar as the firms’ incentives to innovate depend (in a complex way) on the market structure (i.e., the number of firms on the market, the way they compete, the type of final products that they produce...
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ژورنال
عنوان ژورنال: Journal of Economic Growth
سال: 2011
ISSN: 1381-4338,1573-7020
DOI: 10.1007/s10887-011-9066-1