Matrix Exponential Stochastic Volatility with Cross Leverage
This paper examines the economic impact of re-invention - the degree to which an innovation is modified by user - on industry growth and productivity. The paper focuses on two re-inventions made by a Japanese steel company; these inventions improved the productive efficiency of Austrian-made refining technology, namely, basic oxygen furnace (BOF). Results obtained from the plant-level production-function estimation indicate that re-inventions account for approximately 30 percent of the total factor productivity of the BOF, substantially promoting the dissemination of the BOF technology. Our simulation analysis indeed reveals that re-inventions contributed to steel output growth by about 14 percent. This paper also documents that innovating companies played the role of a "lead user" in developing and disseminating their re-invented technologies.
|Date of creation:||Aug 2011|
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- Hiroshi Ohashi, 2004. "Learning by Doing, Export Subsidies, and Industry Growth: Japanese Steel in the 1950s and 1960s," CIRJE F-Series CIRJE-F-280, CIRJE, Faculty of Economics, University of Tokyo.
- Ackerberg, Daniel & Caves, Kevin & Frazer, Garth, 2006. "Structural identification of production functions," MPRA Paper 38349, University Library of Munich, Germany.
- Alessandro Nuvolari, 2004. "Collective invention during the British Industrial Revolution: the case of the Cornish pumping engine," Cambridge Journal of Economics, Oxford University Press, vol. 28(3), pages 347-363, May.
- Alessandro Nuvolari, 2001. "Collective Invention during the British Industrial Revolution The Case of the Cornish Pumping Engine," DRUID Working Papers 01-05, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
- Nuvolari, A., 2004. "Collective invention during the British Industrial Revolution: the case of the Cornish pumping engine," Working Papers 04.02, Eindhoven Center for Innovation Studies.
- Nuvolari, A., 2001. "Collective Invention during the British Industrial Revolution: The Case of the Cornish Pumping Engine," Working Papers 01.04, Eindhoven Center for Innovation Studies.
- Tsuyoshi Nakamura & Hiroshi Ohashi, 2008. "EFFECTS OF TECHNOLOGY ADOPTION ON PRODUCTIVITY AND INDUSTRY GROWTH: A STUDY OF STEEL REFINING FURNACES -super-," Journal of Industrial Economics, Wiley Blackwell, vol. 56(3), pages 470-499, 09.
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