The direction of innovation

Bryan, Kevin; Lemus, Jorge

doi:10.1016/j.jet.2017.09.005

Cited by 53 publications

(12 citation statements)

References 24 publications

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“…Inventions with little value given consumer preferences today, but which will be built on by inventions tomorrow to satisfy future preferences, are underprovided. Bryan and Lemus (2017) models inventions which vary in their immediate payoff, their difficulty, and the future inventions they make possible. R&D on a given project may be suboptimal either because the inventor gets only a small portion of the full social value their invention creates inclusive of continuation value, or because the invention is difficult and hence rivals race to invent easier substitutes.…”

Section: Intellectual Property: Theorymentioning

confidence: 99%

Innovation: Market Failures and Public Policies

Bryan¹,

Williams²

2021

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This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We summarize the state of the literature on the economics of innovation and highlight open policy questions. We first articulate the key market failures in markets for innovation, and then discuss how both scientific norms and market-oriented policies help overcome those market failures. We close by discussing recent work on the diffusion of inventions as well as on the links between innovation and inequality.

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Section: Intellectual Property: Theorymentioning

confidence: 99%

Innovation: Market Failures and Public Policies

Bryan¹,

Williams²

2021

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“…The government plays a regulatory role firmly due to the AAC establishment, which might change the firms' direction of innovation. Innovation policy and approval procedure can influence the innovation direction of firms, and firms will choose between high-difficulty innovation and low-difficulty innovation under different returns [36,64]. Regulation may change the direction of innovation, reducing the proportion of low-quality innovation.…”

Section: Changing Direction Of Innovationmentioning

confidence: 99%

Does Administrative Approval Impede Low-Quality Innovation? Evidence from Chinese Manufacturing Firms

2020

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Sustainable economic development is tightly connected to substantial innovation which can be improved by reducing low-quality innovation. This paper constructs a theoretical framework to present the ultimate relationship between administrative approval and sustainability. In order to verify the research hypotheses, we define the dormant patents whose patent rights are terminated due to non-payment of renewal fees to measure the low-quality innovation of Chinese manufacturing firms. By using the merged firm-level data between 1998 and 2007 and collected information on whether a city establishes the administrative approval center (AAC), and employing a difference-in-difference (DID) approach, we identify the impacts of administrative approval and firms’ low-quality innovation. First, the results reveal that administrative approval reduces the firms’ low-quality innovation. Second, administrative approval has a smaller impact on the low-quality innovation for state-owned enterprises (SOE). Third, three mechanisms are uncovered through which administrative approval impedes low-quality innovation: enhancing market competition, changing the direction of innovation, and optimizing research and development (R&D) investment strategy.

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“…Despite this recognition and interest in the topic, how innovation occurs and how it affects growth is poorly understood. Furthermore, much of the literature on innovation concentrates on market-based innovation [12], leaving service innovation relatively unexplored.…”

Section: Introductionmentioning

confidence: 99%

Innovation and Co-Creation Process within a Service Context: A Matter of Choice or Necessity?

McManus¹,

Ardley²

2019

OJBM

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The notion of service ought to be embedded in the psyche of those responsible for the design and delivery of service provision. Within an ever changing landscape, meeting customer expectations is a major priority for firms engaged in service provision. Enhancing the service experience lies in the context of innovation and entrepreneurship. The focus of innovation within business should take into consideration the unexpected, the nature of incongruities, process need and changes to structure. Innovation within service industries is widely recognised among researchers and practitioners as a key to gaining and sustaining competitive advantage. Increasingly, firms within service industries are placing new knowledge at the core of their strategies, especially knowledge about co-creation processes, knowledge of innovation and service design. In this context, the purpose of this paper is to explore the linkages between service development and co-creation processes to better understand the complexity of service innovation. The paper will first outline the notion of service and the context of service innovation. It will present a summarised view for management of service innovation. The paper will then move to illustrating how the creation and use of co-creation processes can be used to provide a shared understanding of what constitutes best practice.

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The direction of innovation

Cited by 53 publications

References 24 publications

Innovation: Market Failures and Public Policies

Innovation: Market Failures and Public Policies

Does Administrative Approval Impede Low-Quality Innovation? Evidence from Chinese Manufacturing Firms

Innovation and Co-Creation Process within a Service Context: A Matter of Choice or Necessity?

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