By Giorgio Barba Navaretti, Partha Dasgupta, Karl-Göran Mäler, Domenico Siniscalco
Is wisdom an monetary reliable? that are the features of the associations regulating the construction and diffusion of information? Cumulation of information is a key determinant of monetary development, yet just recently wisdom has moved to the middle of financial research. fresh literature additionally offers profound insights into occasions like medical development, inventive and craft improvement which were hardly ever addressed as socio-economic associations, being the area of sociologists and historians instead of economists. This quantity adopts a multidisciplinary method of deliver wisdom within the concentration of recognition, as a key fiscal issue.
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Extra info for Creation and Transfer of Knowledge: Institutions and Incentives
Chaudhuri compares profits under co-operative R&D and under competitive R&D. e. the more efficient firm obtains a larger share of payoffs. He shows that if the two firms are equal in their technological parameters, and returns are sufficiently large, it is individually rational to opt for co-operative R&D. As far as the technological gap between the two firms increases, though, co-operating is no longer rational for the efficient firm, as the inefficient one has too large an incentive to free ride.
Knowledge is an important determinant of the decision of starting production abroad. Both the empirical and the theoretical literature emphasise its role in creating ownership advantages. Indeed, it is a firm specific intangible asset, which can be transferred at a lower cost than other capital assets (Horstman and Markusen 1987). At the same time, its public good nature influences the effectiveness and, consequently the form, of its transfer. Many empirical studies have now gathered a quite impressive body of evidence about knowledge spillovers from multinational activities to host countries' firms (see BIomström and Kokko's chapter in this volume for a comprehensive survey of this literature).
Particularly in developing eountries, overseas R&D aetivity generally supports foreign investments initially decided for other reasons. It is therefore hard to single out the deterrninants of R&D from the deterrninants of the initial investment, partieularly without the support of a theoretieal modellinking investments and trade decisions. Given the laek of theoretieal models of this type, and gi yen the scope of this paper, we will therefore not go beyond straightforward intuitive questions. A first important question is the degree of asymmetry between developed and advanced countries.