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Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality / Jeffrey I. Bernstein, M. Ishaq Nadiri.
- Format:
- Book
- Author/Creator:
- Bernstein, Jeffrey I.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2002.
- NBER working paper series no. w2002
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Research and Development and Intraindustry Spillovers
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1986.
- Summary:
- In this paper we estimate a model of production and investment based on the theory of dynamic duality and are particularly Interested in the effects of R&D spillovers and in calculating the social and private rates of return. We identify and estimate three effects associated with the intraindustry R&D spillover. First, costs decline as knowledge expands for the externality-receiving firms. Second, production structures are affected, as factor demands change in response to the spillover. Third, the rates of capital accumulation are affected by the R&D spillover. These cost-reducing, factor-biasing and capital adjustment effects of the spillover are estimated for four industries. The existence of R&D spillovers implies that the social and private rates of return to R&D capital differ. We estimate that the social return exceeds the private return in each industry. However, there is significant variation across industries in the differential between the social and private rates of return.
- Notes:
- Print version record
- August 1986.
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