Estimating dynamic R&D demand : an analysis of costs and long-run benefits


Peters, Bettina ; Roberts, Mark J. ; Vuong, Van Anh ; Fryges, Helmut


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URL: https://ub-madoc.bib.uni-mannheim.de/35222
URN: urn:nbn:de:bsz:180-madoc-352220
Document Type: Working paper
Year of publication: 2013
The title of a journal, publication series: ZEW Discussion Papers
Volume: 13-089
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: L60 , O31 , O32,
Keywords (English): R&D demand , innovation , productivity , dynamic structural model
Abstract: Using firm-level data from the German manufacturing sector, we estimate a dynamic, structural model of the firm’s decision to invest in R&D and quantify the cost and longrun benefit of this investment. The model incorporates and quantifies linkages between the firm’s R&D investment, product and process innovations, and future productivity and profits. The dynamic model provides a natural measure of the long-run payoff to R&D as the difference in expected firm value generated by the R&D investment. For the median productivity firm, investment in R&D raises firm value by 3.0 percent in a group of hightech industries but only 0.2 percent in low-tech industries. Simulations of the model show that cost subsidies for R&D can significantly affect R&D investment rates and productivity changes in the high-tech industries.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Peters, Bettina ; Roberts, Mark J. ; Vuong, Van Anh ; Fryges, Helmut (2013) Estimating dynamic R&D demand : an analysis of costs and long-run benefits. Open Access ZEW Discussion Papers Mannheim 13-089 [Working paper]
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