In this paper we estimate knowledge production function for 15 South Korean industry sectors using panel data. To accommodate the influence of inter-sectoral interactions on the creation of knowledge, we estimated parameters for related knowledge production functions using the Dynamic Seemingly Unrelated Regression (DSUR) model proposed by Mark et al. (2005). We found the elasticity of knowledg...

This paper studies the adoption of nuclear magnetic resonance imaging (MRI) by US hospitals. I consider a timing game of new technology adoption. The dynamic game allows me to take both timing decisions and strategic interaction into account. The model can be solved using standard dynamic programming techniques. Using a panel data set of US hospitals, cross sectional variation in adoption times...

China has attracted increasing attention because it is the world’s most populous nation and it has maintained phenomenal rates of economic growth in recent years. However, consumption in China is unusually low and has continued to decline as a share of GDP over the past decade. In this paper, we conduct a dynamic panel analysis of the determinants of the household consumption ratio in rural Chi...