American Economic Review Vol. 76 No. 5 1986
Technological Opportunity and Spillovers of R & D: Evidence from Firms' Patents, Profits, and Market Value
Abstract
This paper quantifies the effects on the productivity of firms' R & D of exogenous variations in the state of technology (technological opportunity) and of the R & D of other firms (spillovers of R & D). The R & D productivity is increased by the R & D of "technological neighbors," though neighbors' R & D lowers the profits and market value of low-R&D-intensity firms. Firms are shown to adjust the technological composition of their R & D in response to technological opportunity.
- Volume
- 76
- Issue
- 5
- Pages
- 984-1001
- Sources
- bibtex:phds-export.bib