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Social value of innovations, distortions, and RαD investments :first best versus second best equilibria in growth models

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  • André Grimaud
  • Frédéric Tournemaine

Abstract

In this paper, we combine together elements from the literature on endogenous growth and on funding of innovations developed by authors such as Arrow [1962], Tirole [1988], Scotchmer [1991,1999], Dasgupta et al. [1996], Gallini and Scotchmer [2003]. We shed a new light on several questions often studied in these literatures. The first one is related to the social value of innovations. The second one concerns the distortions that prevent the decentralized economy to be optimal. The third one concerns insufficient investments which are observed in research.

Suggested Citation

  • André Grimaud & Frédéric Tournemaine, 2006. "Social value of innovations, distortions, and RαD investments :first best versus second best equilibria in growth models," Revue d'économie politique, Dalloz, vol. 116(1), pages 5-22.
    • Handle: RePEc:cai:repdal:redp_161_0005
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    Cited by:

    1. Étienne Chantrel & Andre Grimaud & Frederic Tournemaine, 2012. "Pricing Knowledge and Funding Research of New Technology Sectors in a Growth Model," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 14(3), pages 493-520, June.

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