Cumulative innovation, growth and welfare-improving patent policy

Davin Chor; Edwin Lai

Cumulative innovation, growth and welfare-improving patent policy

Davin Chor
, Edwin Lai^*

^*Corresponding author for this work

Department of Economics

Research output: Contribution to conference › Conference Paper › peer-review

Abstract

We construct a tractable general equilibrium model of cumulative innovation and growth, in which new ideas strictly improve upon frontier technologies, and productivity improvements are drawn in a stochastic manner. The presence of positive knowledge spillovers implies that the decentralized equilibrium features an allocation of labor to R&D activity that is strictly lower than the social planner's benchmark, which suggests a role for patent policy. We focus on a

Original language	English
Publication status	Published - Sept 2013
Event	Conference Contribution - Duration: 1 Sept 2013 → 1 Sept 2013

Conference

Conference	Conference Contribution
Period	1/09/13 → 1/09/13

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https://hdl.handle.net/1783.1/85922

Cite this

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AB - We construct a tractable general equilibrium model of cumulative innovation and growth, in which new ideas strictly improve upon frontier technologies, and productivity improvements are drawn in a stochastic manner. The presence of positive knowledge spillovers implies that the decentralized equilibrium features an allocation of labor to R&D activity that is strictly lower than the social planner's benchmark, which suggests a role for patent policy. We focus on a

M3 - Conference Paper

T2 - Conference Contribution

Y2 - 1 September 2013 through 1 September 2013

ER -

Cumulative innovation, growth and welfare-improving patent policy

Abstract

Conference

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