Measuring the Private and Social Returns to R&D: Unintended Spillovers versus Technology Markets

• 成果类型: Article
• 署名作者: Arque-Castells, Pere; Spulber, Daniel F.
• 署名单位: University of Groningen; Northwestern University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/719908
• 发表日期: 2022
• 页码: 1860-1918
• 关键词: LOCALIZED KNOWLEDGE; PRODUCTIVITY; networks; demand; INFORMATION; INNOVATION; invention; DYNAMICS; patents; GROWTH

摘要

The canonical approach to measuring private and social returns to R&D assumes diffusion through spillovers. We develop a general framework that allows R&D to diffuse through both spillovers and voluntary technology transfers. To operationalize the framework, we create a data set of interactions in the market for technology between publicly held US firms. We use changes in tax incentives for R&D to identify causal effects. Taking market channels into account decreases the observed difference between social and private returns to R&D as compared with the canonical approach. The analysis suggests significant gains from trade in markets for technology.