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Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value

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Jaffe, Adam B

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Abstract

This paper quantifies the effects of exogenous variations in the state of technology (technological opportunity) and of the R&D of other firms (spillovers of R&D) on the productivity of firms' R&D. The R&D productivity is increased by the R&D of "technological neighbors," though neighbors' R&D lowers the profits and market value of low-R&D-intensity firms. Firms are shown to adjust the technological composition of their R&D in response to technological opportunity. Copyright 1986 by American Economic Association.

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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 76 (1986)
Issue (Month): 5 (December)
Pages: 984-1001
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Handle: RePEc:aea:aecrev:v:76:y:1986:i:5:p:984-1001

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