Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value
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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Volume (Year): 76 (1986)
Issue (Month): 5 (December)
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