The Sensitivity of Returns to Research Calculations to Supply Elasticity
Returns to research are thought to be robust under alternative supply elasticity assumptions. We show, both conceptually and numerically, how advances in approximating social benefits make returns to research sensitive to the supply elasticity. Despite this greater sensitivity, these advances retain conceptual and practical advantages. We make recommendations for dealing with the increased sensitivity. Copyright 2002, Oxford University Press.
Volume (Year): 84 (2002)
Issue (Month): 2 ()
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