Measuring the Returns to R&amp;D

Hall, Bronwyn H.; Mairesse, Jacques; Mohnen, Pierre

doi:10.1016/s0169-7218(10)02008-3

Cited by 505 publications

(249 citation statements)

References 100 publications

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“…innovation output and economic performance). 4 Hall and Van Reenen (2000), Parsons and Phillips (2007), Mohnen and Lokshin (2009), Hall et al (2009) andYang (2011) were the survey papers of direct relevance that we found and that we used during the search process.…”

Section: Data and Indicatorsmentioning

confidence: 99%

Do the effects of R&D tax credits vary across industries? A meta-regression analysis

2015

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This paper presents a survey of the micro-econometric literature on the effects of R&D tax credits on firms' innovation activities. We focus on one specific aspect that has not received sufficient attention in previous research: the sectoral dimension. Our meta-regression analysis (MRA) sets up a new database collecting a large number of firm-level studies on the effects of R&D tax credits and investigates the factors that may explain differences in the estimated effects that are reported in the literature. The main result of the MRA analysis is indeed that sectors matter. Micro-econometric studies that have focused on a sub-sample of high-tech industries have on average obtained a smaller estimated effect of R&D tax credits. The paper proposes a simple framework to investigate why the effects of R&D tax credits vary across sectors and points out new directions and hypotheses for future research.JEL codes: O1, O3, O4

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Section: Data and Indicatorsmentioning

confidence: 99%

Do the effects of R&D tax credits vary across industries? A meta-regression analysis

2015

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“…7 Consistent with previous findings, social returns on investment in innovation tend to be higher than the opportunity costs (returns on physical capital). For developed economies, social rates of return to R&D have been estimated at 40 percent or more (Hall, Mairesse, and Mohnen, 2009). In addition to generating new knowledge, investments in innovation also have a direct effect on creating absorptive capacity.…”

Section: Innovation and Knowledge As Keys To Productivity Growth And mentioning

confidence: 99%

The New Imperative of Innovation: Policy Perspectives for Latin America and the Caribbean

Navarro¹,

Benavente²,

Crespi³

2016

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The main purpose of this study is to present the conceptual basis that supports science, technology, and innovation (STI) policy in Latin America and the Caribbean (LAC). It starts by clarifying STI relationship, both conceptual and empirical, to economic growth and it explains how market and coordination failures hinder innovation. Then, it discusses a variety of demand-and supply-side policies aimed at addressing these private sector and institutional insufficiencies. In the specific case of LAC, it examines the region's underperformance in innovation relative to both emerging and advanced economies, and analyses the degree to which scientific productivity and knowledge inputs have led to accelerated economic development. Finally, the publication presents five dimensions of success for STI policies based on international best practices that should stimulate innovation and economic growth and guide the IDB's work in STI in the region. Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of the IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license.

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“…The relationship between expected costs and RD&D investment was tested both using a log-log specification, usually applied in the learning-by-searching literature, and a linear specification with a squared RD&D term, in line with the literature on diminishing marginal returns to RD&D investments (Evenson & Kislev, 1976;Hall, Mairesse, & Mohnen, 2009;Popp, 2002).…”

Section: Meta-analysis Of Expert Elicitationsmentioning

confidence: 99%

Energy Technology Expert Elicitations for Policy: Workshops, Modeling, and Meta-Analysis

et al. 2014

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Characterizing the future performance of energy technologies can improve the development of energy policies that have net benefits under a broad set of future conditions. In particular, decisions about public investments in research, development, and demonstration (RD&D) that promote technological change can benefit from (1) an explicit consideration of the uncertainty inherent in the innovation process and (2) a systematic evaluation of the tradeoffs in investment allocations across different technologies. To shed light on these questions, over the past five years several groups in the United States and Europe have conducted expert elicitations and modeled the resulting societal benefits. In this paper, we discuss the lessons learned from the design and implementation of these initiatives in four respects. First, we discuss lessons from the development of ten energy-technology expert elicitation protocols, highlighting the challenge of matching elicitation design with a particular modeling tool. Second, we report insights from the use of expert elicitations to optimize RD&D investment portfolios. These include a discussion of the rate of decreasing marginal returns to research, the optimal level of overall investments, and the sensitivity of results to policy scenarios and selected metrics for evaluation. Third, we discuss the effect of combining online elicitation tools with in-person group discussions on the usefulness of the results. Fourth, we summarize the results of a meta-analysis of elicited data across research groups to identify the association between expert characteristics and elicitation results.

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Measuring the Returns to R&D

Cited by 505 publications

References 100 publications

Do the effects of R&D tax credits vary across industries? A meta-regression analysis

Do the effects of R&D tax credits vary across industries? A meta-regression analysis

The New Imperative of Innovation: Policy Perspectives for Latin America and the Caribbean

Energy Technology Expert Elicitations for Policy: Workshops, Modeling, and Meta-Analysis

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