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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)

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/dp/dp_1997-1999/1999-02.pdf/
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Bibliographic 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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Keywords: innovation; technological change; innovation policy;

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References

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  1. Hall, Bronwyn H., 1992. "Investment and Research and Development at the Firm Level: Does the Source of Financing Matter?," Department of Economics, Working Paper Series qt5j59j6x3, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Pavitt, Keith, 1984. "Sectoral patterns of technical change: Towards a taxonomy and a theory," Research Policy, Elsevier, vol. 13(6), pages 343-373, December.
  3. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
  4. Kohn, Meir & Scott, John T, 1985. "Scale Economies in Research and Development: A Reply," Journal of Industrial Economics, Wiley Blackwell, vol. 33(3), pages 363, March.
  5. Lee, Tom & Wilde, Louis L, 1980. "Market Structure and Innovation: A Reformulation," The Quarterly Journal of Economics, MIT Press, vol. 94(2), pages 429-36, March.
  6. Hansen, Robert G, 1985. "Auctions with Contingent Payments," American Economic Review, American Economic Association, vol. 75(4), pages 862-65, September.
  7. F. M. Fisher & P. Temin, 1971. "Returns-to-Scale in Research and Development: What Does the Schupeterian Hypothesis Imply?," Working papers 74, Massachusetts Institute of Technology (MIT), Department of Economics.
  8. Josh Lerner, 1996. "The Government as Venture Capitalist: The Long-Run Effects of the SBIR Program," NBER Working Papers 5753, National Bureau of Economic Research, Inc.
  9. William Samuelson, 1986. "Bidding for Contracts," Management Science, INFORMS, vol. 32(12), pages 1533-1550, December.
  10. 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.
  11. Kohn, Meir & Scott, John T, 1982. "Scale Economies in Research and Development: The Schumpeterian Hypothesis," Journal of Industrial Economics, Wiley Blackwell, vol. 30(3), pages 239-49, March.
  12. 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.
  13. Rajeev K. Goel, 1999. "On contracting for uncertain R&D," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(2), pages 99-106.
  14. Kamien,Morton I. & Schwartz,Nancy L., 1982. "Market Structure and Innovation," Cambridge Books, Cambridge University Press, number 9780521293853.
  15. 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.
  16. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-71, September.
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