Spillovers, Appropriability, and R&D
نویسنده
چکیده
I distinguish the impacts of input spillovers and imperfect appropriability of the revenue generated by cost-saving innovation in a racing model. Comparativestatic relationships with respect to the level of spillovers depend on the levels of post-innovation payoffs; comparative-static relationships with respect to the degree of appropriability depend on changes in the levels of post-innovation payoffs. Simulations illustrate conditions under which private payoffs and net social welfare are maximized for positive spillover levels and incomplete appropriability. The main qualitative results of the basic model hold if it is extended to include endogenous absorptive capacity.
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