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| Author: | Bernstein, J. I. Nadiri, M. I. |
| Title: | Research and development and intra-industry spillovers: An empirical application of dynamic duality. |
| Journal: | Review of Economic Studies
1989 : APR, VOL. 56:186, p. 249-267 |
| Index terms: | PRODUCTION INVESTMENTS R&D DYNAMIC MODELS |
| Language: | eng |
| Abstract: | Production and investment based on the theory of dynamic duality is modelled. The effects of Research and Development spillovers and calculation of the social and private rates of return are studied. There are three effects associated with the intra-industry spillover: the costs decline as knowledge expands for the externality-receiving firms, the rates of capital accumulation are affected, as factor demands change in response to the spillover, and the rates of capital accumulation are affected by the Research and Development spillover. These cost-reducing, factor-biasing and capital adjustment effects are estimated for four industries. |
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