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The Nature of Innovation Market Failure and the Design of Public Support for Private Innovation

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Author Info
Stephen Martin (Institute of Economics, University of Copenhagen)
John T. Scott (Dartmouth College)

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Abstract

We relate the sources of innovation market failure to the dominant mode of sectoral innovation and outline mechanisms for public support of innovation that target specific sources of innovation market failure.

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File URL: http://www.econ.ku.dk/CIE/Discussion%20Papers/1999/Pdf%20files/9902.pdf
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics. Centre for Industrial Economics in its series CIE Discussion Papers with number 1999-02.

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Length: 24 pages
Date of creation: Mar 1999
Date of revision:
Publication status: Published in: Research Policy 29(4-5), April 2000, pp. 437-47
Handle: RePEc:kud:kuieci:1999-02

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Postal: Studiestraede 6, DK-1455 Copenhagen K., Denmark
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Keywords: innovation technological change innovation policy

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Find related papers by JEL classification:
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy

References listed on IDEAS
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  1. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June. [Downloadable!] (restricted)
  2. Stephen Martin, 1998. "Product market competition policy and technological performance," CIE Discussion Papers 1998-01, University of Copenhagen. Department of Economics. Centre for Industrial Economics. [Downloadable!]
  3. Hansen, Robert G, 1985. "Auctions with Contingent Payments," American Economic Review, American Economic Association, vol. 75(4), pages 862-65, September. [Downloadable!] (restricted)
  4. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March. [Downloadable!] (restricted)
    Other versions:
  5. Fudenberg, Drew & Tirole, Jean, 1987. "Understanding Rent Dissipation: On the Use of Game Theory in Industrial Organization," American Economic Review, American Economic Association, vol. 77(2), pages 176-83, May. [Downloadable!] (restricted)
  6. Simon P. Anderson & Jacob K. Goeree & Charles A. Holt, 1998. "Rent Seeking with Bounded Rationality: An Analysis of the All-Pay Auction," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 828-853, August. [Downloadable!] (restricted)
  7. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-71, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. José; Miguel Benavente H., 2004. "Technological Innovation In Chile Where We Are and What Can be Done," Working Papers Central Bank of Chile 295, Central Bank of Chile. [Downloadable!]
  2. Aschhoff, Birgit & Fier, Andreas & Löhlein, Heide, 2006. "Detecting Behavioural Additionality : An Empirical Study on the Impact of Public R&D Funding on Firms’ Cooperative Behaviour in Germany," ZEW Discussion Papers 06-37, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
    Other versions:
  3. Nicola Lacetera, 2003. "Incentives and spillovers in R&D activities: an agency-theoretic analysis of industry-university relations," Microeconomics 0312004, EconWPA. [Downloadable!]
  4. Ari Hyytinen & Mika Pajarinen, 2002. "Financing of Technology-Intensive Small Business: Some Evidence on the Uniqueness of the ICT Industry," Discussion Papers 813, The Research Institute of the Finnish Economy. [Downloadable!]
  5. Frens Pries & André Dorée, 2005. "A century of innovation in the Dutch construction industry," Construction Management & Economics, Taylor and Francis Journals, vol. 23(6), pages 561-564, July. [Downloadable!] (restricted)
  6. Daniel Chudnovsky & Andrés López & Martín Rossi & Diego Ubfal, 2006. "Evaluating A Program of Public Funding of Private Innovation Activities. An Econometric Study of FONTAR in Argentina," OVE Working Papers 1606, Inter-American Development Bank, Office of Evaluation and Oversight (OVE). [Downloadable!]
  7. José Miguel Benavente & Gustavo Crespi & Alessandro Maffioli, 2007. "Public Support to Firm-Level Innovation: An Evaluation of the FONTEC Program," OVE Working Papers 0507, Inter-American Development Bank, Office of Evaluation and Oversight (OVE). [Downloadable!]
  8. Bronwyn H. Hall & Alessandro Maffioli, 2008. "Evaluating the Impact of Technology Development Funds in Emerging Economies: Evidence from Latin America," OVE Working Papers 0108, Inter-American Development Bank, Office of Evaluation and Oversight (OVE). [Downloadable!]
    Other versions:
  9. Klaus Desmet & Clara Eugenia García & Praveen Kujal & Félix Lobo, 2003. "Implementing R&D Policies: An Analysis Of Spain’S Pharmaceutical Research Program," Economics Working Papers we035923, Universidad Carlos III, Departamento de Economía. [Downloadable!]
    Other versions:
  10. Møllgaard, Peter & Lorentzen, Jo, 2006. "Competition Policy and Innovation," Working Papers 09-2005, Copenhagen Business School, Department of Economics. [Downloadable!]
  11. Francisco Caballero-sanz & Rafael Moner-colonques & José Sempere-monerris, 2005. "Licensing policies for a new product," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 14(8), pages 697-713, November. [Downloadable!] (restricted)
  12. Elizabeth Webster, 2002. "Intangible and Intellectual Capital: A Review of the Literature," Melbourne Institute Working Paper Series wp2002n10, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  13. Peter Møllgaard & Jo Lorentzen, 2005. "Competition Policy and Innovation," CIE Discussion Papers 2005-12, University of Copenhagen. Department of Economics. Centre for Industrial Economics. [Downloadable!]
  14. Atallah, Gamal, 2007. "Conditional R&D Subsidies," MPRA Paper 2895, University Library of Munich, Germany. [Downloadable!]
  15. Stephen Roper & Nola Hewitt-Dundas, 2005. "Assessing the Effectiveness of Innovation Grants – Evidence from the Irish Innovation Panel," ERSA conference papers ersa05p478, European Regional Science Association. [Downloadable!]
  16. Mark Freel & Richard Harrison, 2006. "Innovation and cooperation in the small firm sector: Evidence from 'Northern Britain’," Regional Studies, Taylor and Francis Journals, vol. 40(4), pages 289-305, June. [Downloadable!] (restricted)
  17. Thomas Giebe & Tim Grebe & Elmar Wolfstetter, 2005. "How to Allocate R&D (and Other) Subsidies: An Experimentally Tested Policy Recommendation," Discussion Papers 108, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
    Other versions:
  18. Bernard Guilhon, 2004. "Markets for knowledge: problems, scope, and economic implications," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 13(2), pages 165-181, March. [Downloadable!] (restricted)
  19. Marín Uribe, Pedro Luis & Siotis, Georges, 2002. "Public Policies Towards Research Joint Venture Formation: Designs and Outcomes," CEPR Discussion Papers 3772, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  20. Rouben Indjikain & Donald S. Siegel, 2004. "The Impact of Investment in IT on Economic Performance: Implications for Developing Countries," Rensselaer Working Papers in Economics 0414, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
    Other versions:
  21. Brigitte Unger & Martin Zagler, 2000. "Organizational versus Technological Determinants of Innovation," Department of Economics Working Papers wuwp074, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
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