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Underinvestment in Public Good Technologies

机译:公共物品技术投资不足

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Although underinvestment phenomena are the rationale for government subsidization of research and development (R&D), the concept is poorly defined and its impact is seldom quantified. Conceptually, underinvestment in industrial R&D can take the form of either a wrong amount or a subop-timal composition of R&D investment. In both cases, R&D policy has not adequately modeled the relevant economic phenomena and thus is unable to characterize, explain, and measure the underinvestment. Four factors can cause systematic underinvestment in R&D-intensive industries: complexity, timing, existence of economies of scale and scope, and spillovers. The impacts of these factors vary in intensity over the typical technology life cycle, so government policy responses must be managed dynamically. In addition to understanding the causes of underinvestment in R&D, the magnitude of the deficiency relative to some "optimum" must be estimated to enable a ranking of technology areas with respect to expected net economic benefits from a government subsidy. Project selection criteria must therefore be based on quantitative and qualitative indicators that represent the nature and the magnitude of identified market failures. The major requirement for management of R&D policy therefore is a methodology that regularly assesses long-term expected benefits and risks from current and proposed R&D portfolios. To this end, a three-stage process is proposed to effectively carry out R&D policy analysis. The three stages are (1) identify and explain the causes of the underinvestment, (2) characterize and assess the investment trends and their impacts, and (3) estimate the magnitude of the underinvestment relative to a perceived optimum in terms of its cost to the economy. Only after all three stages of analysis have been completed can the underinvestment pattern be matched with the appropriate policy response.
机译:尽管投资不足现象是政府对研究与开发(R&D)进行补贴的理由,但该概念的定义不明确,其影响很少量化。从概念上讲,对工业研发的投资不足可以采取错误的金额或次最佳的研发投资形式。在这两种情况下,研发政策都没有对相关的经济现象进行充分的建模,因此无法表征,解释和衡量投资不足。导致研发密集型产业系统性投资不足的四个因素是:复杂性,时机,规模经济和范围经济的存在以及溢出效应。在典型的技术生命周期中,这些因素的影响强度各不相同,因此必须动态管理政府的应对措施。除了了解研发投入不足的原因外,还必须估算相对于某些“最佳”的不足的程度,以便就政府补贴带来的预期净经济利益对技术领域进行排名。因此,项目选择标准必须基于定量和定性指标,这些指标代表已识别的市场失灵的性质和严重程度。因此,管理R&D政策的主要要求是一种方法,该方法可以定期评估当前和拟议R&D产品组合的长期预期收益和风险。为此,提出了一个三阶段过程来有效地进行研发政策分析。这三个阶段是(1)找出并解释投资不足的原因;(2)表征和评估投资趋势及其影响;(3)从投资成本的角度估计相对于感知的最佳投资的投资不足的幅度。经济。只有在完成所有三个分析阶段后,才能将投资不足模式与适当的政策应对措施进行匹配。

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