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The Economics of Science - Funding for Research

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  • Paula E. Stephan

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Abstract

Scientific research has properties of a public good; there are few monetary incentives for individuals to undertake basic research and the conventional wisdom is that the market, if left to its own devices, would under- invest in research in terms of social benefits relative to social costs. Thus research, especially of a basic nature, has traditionally been supported by either the government or philanthropic institutions. More recently, industry has also begun to support research conducted in nonprofit institutions. This paper explores the various sources of support for research in the university sector. Although the focus is on the United States, the paper discusses trends in other countries as well. The paper also examines mechanisms for distributing funds, including peer review and performance based distribution. The paper closes with a case study of the National Institutes of Health doubling during the period 1998-2002.

Suggested Citation

  • Paula E. Stephan, 2010. "The Economics of Science - Funding for Research," ICER Working Papers 12-2010, ICER - International Centre for Economic Research.
  • Handle: RePEc:icr:wpicer:12-2010
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    File URL: http://www.biblioecon.unito.it/biblioservizi/RePEc/icr/wp2010/ICERwp12-10.pdf
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    Cited by:

    1. Thomas Hellmann & Enrico Perotti, 2011. "The Circulation of Ideas in Firms and Markets," Management Science, INFORMS, vol. 57(10), pages 1813-1826, October.
    2. Zhifeng Yin & Qiang Zhi, 2017. "Dancing with the academic elite: a promotion or hindrance of research production?," Scientometrics, Springer;Akadémiai Kiadó, vol. 110(1), pages 17-41, January.
    3. Benavente, José Miguel & Crespi, Gustavo & Figal Garone, Lucas & Maffioli, Alessandro, 2012. "The impact of national research funds: A regression discontinuity approach to the Chilean FONDECYT," Research Policy, Elsevier, vol. 41(8), pages 1461-1475.
    4. Lissoni, Francesco & Montobbio, Fabio & Zirulia, Lorenzo, 2013. "Inventorship and authorship as attribution rights: An enquiry into the economics of scientific credit," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 49-69.
    5. repec:spr:scient:v:112:y:2017:i:1:d:10.1007_s11192-017-2355-5 is not listed on IDEAS
    6. Scellato, Giuseppe & Franzoni, Chiara & Stephan, Paula, 2015. "Migrant scientists and international networks," Research Policy, Elsevier, vol. 44(1), pages 108-120.
    7. Jürgen Janger, 2013. "University Governance in the Context of University Autonomy," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(2), pages 159-171, February.
    8. Murayama, Kota & Nirei, Makoto & Shimizu, Hiroshi, 2015. "Management of science, serendipity, and research performance: Evidence from a survey of scientists in Japan and the U.S," Research Policy, Elsevier, vol. 44(4), pages 862-873.
    9. Charles Ayoubi & Michele Pezzoni & Fabiana Visentin, 2017. "The Important Thing is not to Win, it is to Take Part: What If Scientists Benefit from Participating in Competitive Grant Races?," GREDEG Working Papers 2017-27, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    10. Aboal, Diego & Tacsir, Ezequiel, 2016. "The impact of ex-ante subsidies to researchers on researcher's productivity: Evidence from a developing country," MERIT Working Papers 019, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    11. Janger, Jürgen & Nowotny, Klaus, 2016. "Job choice in academia," Research Policy, Elsevier, vol. 45(8), pages 1672-1683.
    12. Raquel Carrasco & Javier Ruiz-Castillo, 2014. "The Evolution Of The Scientific Productivity Of Highly Productive Economists," Economic Inquiry, Western Economic Association International, vol. 52(1), pages 1-16, January.
    13. D’Este,Pablo & Llopis,Oscar & Yegros,Alfredo, 2013. "Conducting pro-social research: cognitive diversity, research excellence and awareness about the social impact of research," INGENIO (CSIC-UPV) Working Paper Series 201303, INGENIO (CSIC-UPV).
    14. Sander Gerritsen & Karen van der Wiel & Erik Plug, 2013. "Up or out? How individual research grants affect academic careers in the Netherlands," CPB Discussion Paper 249, CPB Netherlands Bureau for Economic Policy Analysis.
    15. Jhon Alexánder Méndez Sayago & Leonardo Vera Azaf, 2015. "Salarios, incentivos y producción intelectual docente en la universidad pública en Colombia," REVISTA APUNTES DEL CENES, UNIVERSIDAD PEDAGOGICA Y TECNOLOGICA DE COLOMBIA, vol. 34(60), pages 95-130, December.
    16. Paula E. Stephan, 2011. "The Biomedical Workforce in the US: An Example of Positive Feedbacks," Chapters,in: Handbook on the Economic Complexity of Technological Change, chapter 10 Edward Elgar Publishing.
    17. Jung, Hyun Ju & Lee, Jeongsik “Jay”, 2014. "The impacts of science and technology policy interventions on university research: Evidence from the U.S. National Nanotechnology Initiative," Research Policy, Elsevier, vol. 43(1), pages 74-91.
    18. Jhon Alexánder Méndez Sayago & Leonardo Vera Azaf, 2015. "Salaries, incentives and teaching intellectual production in the public university in Colombia," REVISTA APUNTES DEL CENES, UNIVERSIDAD PEDAGOGICA Y TECNOLOGICA DE COLOMBIA, vol. 34(60), pages 95-130, June.
    19. repec:eee:respol:v:46:y:2017:i:5:p:970-983 is not listed on IDEAS

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