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An Economic Analysis of Standard Reference Materials

Author

Listed:
  • Hall, Michael

    (National Institute of Standards and Technology)

  • Link, Albert

    (University of North Carolina at Greensboro, Department of Economics)

  • Schaffer, Matthew

    (University of North Carolina at Greensboro, Department of Economics)

Abstract

Standard Reference Materials® (SRMs®) are high-technology infrastructural elements developed and distributed by the U.S. national metrology institute, the National Institute of Standards and technology. SRMs are used throughout the economy to enhance production efficiency by reducing information asymmetries and thereby reducing transaction costs between affected parties. To date, the domestic market demand for SRMs in the United States has not been studied. Thus, the purpose of this paper is to estimate a market demand model for SRMs; the empirical results show that market demand is cyclical, that is it increases with positive changes in multifactor productivity.

Suggested Citation

  • Hall, Michael & Link, Albert & Schaffer, Matthew, 2022. "An Economic Analysis of Standard Reference Materials," UNCG Economics Working Papers 22-6, University of North Carolina at Greensboro, Department of Economics.
    • Handle: RePEc:ris:uncgec:2022_006
    as

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    References listed on IDEAS

    as
    1. Temple, Paul & Williams, Geoffrey, 2002. "Infra-technology and economic performance: evidence from the United Kingdom measurement infrastructure," Information Economics and Policy, Elsevier, vol. 14(4), pages 435-452, December.
    2. Michael King & Ray Lambert & Paul Temple, 2017. "Measurement, standards and productivity spillovers," Chapters, in: Richard Hawkins & Knut Blind & Robert Page (ed.), Handbook of Innovation and Standards, chapter 8, pages 162-186, Edward Elgar Publishing.
    3. Knut Blind & Florian Ramel & Charlotte Rochell, 2022. "The influence of standards and patents on long-term economic growth," The Journal of Technology Transfer, Springer, vol. 47(4), pages 979-999, August.
    4. Irwin Feller, 2022. "Assessing the societal impact of publicly funded research," The Journal of Technology Transfer, Springer, vol. 47(3), pages 632-650, June.
    5. Knut Blind & Maximilian Laer, 2022. "Paving the path: drivers of standardization participation at ISO," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1115-1134, August.
    6. M. Choudhary & Paul Temple & Lei Zhao, 2013. "Taking the measure of things: the role of measurement in EU trade," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 40(1), pages 75-109, February.
    7. Michael J. Hall, 2022. "New technology transfer metrics for the National Institute of Standards and Technology," The Journal of Technology Transfer, Springer, vol. 47(5), pages 1573-1583, October.
    8. Tassey, Gregory, 2017. "The Roles and Impacts of Technical Standards on Economic Growth and Implications for Innovation Policy," Annals of Science and Technology Policy, now publishers, vol. 1(3), pages 215-316, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Standard Reference Materials; NIST; R&D; multifactor productivity;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H42 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Private Goods
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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