Too much of a good thing? The economics of investment in R&D
Too much of a good thing? The economics of investment in R&D
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DOI：
10.1023/a:1009826304308
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发表时间：
2000-03-01
影响因子：
2.3
通讯作者：
Williams, JC
中科院分区：
文献类型：
--
作者：
Jones, CI;Williams, JC
研发是长期生产力和福利的关键决定因素。一个核心问题是，一个分散的经济体承担的R&D是太少还是太多。我们开发了一个内生增长模型，该模型从参数上纳入了R&D的四个重要扭曲：盈余可占有性问题、知识溢出、创造性破坏和复制外部性。对模型进行校正后，我们发现，与社会最优相比，去中心化经济通常在研发方面投资不足。这一结论的唯一例外是当复制外部性较强且均衡实际利率同时较高时。
Research and development is a key determinant of long-run productivity and welfare. A central issue is whether a decentralized economy undertakes too little or too much R&D. We develop an endogenous growth model that incorporates parametrically four important distortions to R&D: the surplus appropriability problem, knowledge spillovers, creative destruction, and duplication externalities. Calibrating the model, we find that the decentralized economy typically underinvests in R&D relative to what is socially optimal. The only exceptions to this conclusion occur when the duplication externality is strong and the equilibrium real interest rate is simultaneously high.