1 option
Measuring Technological Innovation over the Long Run / Bryan Kelly, Dimitris Papanikolaou, Amit Seru, Matt Taddy.
- Format:
- Book
- Author/Creator:
- Kelly, Bryan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w25266.
- NBER working paper series no. w25266
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. We identify significant patents based on textual similarity of a given patent to previous and subsequent work: these patents are distinct from previous work but are related to subsequent innovations. Our measure of patent significance is predictive of future citations and correlates strongly with measures of market value. We identify breakthrough innovations as the most significant patents - those in the right tail of our measure - to construct indices of technological change at the aggregate, sectoral, and firm level. Our technology indices span two centuries (1840-2010) and cover innovation by private and public firms, as well as non-profit organizations and the US government. These indices capture the evolution of technological waves over a long time span and are strong predictors of productivity at the aggregate and sectoral level.
- Notes:
- Print version record
- November 2018.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.