WHAT CAUSES OVER-INVESTMENT IN R&D IN ENDOGENOUS GROWTH MODELS?

• 成果类型: Article
• 署名作者: Denicolo, Vincenzo; Zanchettin, Piercarlo
• 署名单位: University of Leicester; University of Bologna; Centre for Economic Policy Research - UK
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12132
• 发表日期: 2014
• 页码: 1192-1212
• 关键词: economics; too

摘要

Endogenous growth models may exhibit either under or over-investment in R&D. The possibility of over-investment is generally attributed to a business stealing effect that arises as the latest innovator destroys and/or appropriates previous incumbent's rents. We argue that this conventional wisdom is misleading. In standard models, business stealing by itself cannot result in excessive R&D. We explain the other effects that must be at work here, thus contributing towards a better understanding of when and why the market may be biased towards excessive R&D.