Research and Development and Intra-industry Spillovers: An Empirical Application of Dynamic Duality
AbstractThe authors estimate a model of production and investment based on the theory of dynamic duality. They are particularly interested in the effects of R&D spillovers and in calculating the social and private rates of return. Cost-reducing, factor-biasing and capital-adjustment spillover effects 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. The authors estimate that the social return exceeds the private return in each industry. Moreover, there is significant variation across industries in the differential between the social and private rates of return. Copyright 1989 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 56 (1989)
Issue (Month): 2 (April)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
Other versions of this item:
- Jeffrey I. Bernstein & M. Ishaq Nadiri, 1986. "Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality," NBER Working Papers 2002, National Bureau of Economic Research, Inc.
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