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Economic modeling of innovation in the creative industries and its implications

机译：创意产业中创新的经济模型及其含义

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The purpose of this paper is to provide economic modeling and its implications to government policy in promoting and financing innovation in the creative industries. First, we develop a rational expectation model with emphasis on network externalities (NE) within the creative industries, and on the moral hazard problem due to the presence of asymmetric information in a loan market for innovation. Interactions between firms' and banks' expectations play an important role in determining which of the two equilibria occurs; one with low NE and the other with high NE. Then, we show the effectiveness of policies that critically depend on the current equilibrium and how discrepancies between the expectations converge to a new equilibrium. This paper develops a theoretical model and also empirically tests some implications of the model using OECD country level data (2000-2013). The theoretical results show that policies aiming at promoting innovation in the creative industries actually decrease the equilibrium level of innovation as well as banks' confidence and network externalities in low NE equilibrium even with the presence of the positive effect of lowering the critical mass; the opposite outcomes are observed in high NE equilibrium. Other implications of government policies are also discussed. (C) 2015 Elsevier Inc. All rights reserved.
机译：本文的目的是提供经济模型及其对政府在创意产业中促进和资助创新的政策的启示。首先，我们建立一个理性的期望模型，重点放在创意产业内的网络外部性（NE）和因创新贷款市场中信息不对称导致的道德风险问题上。企业和银行期望之间的相互作用在确定两个均衡中哪个均衡方面起着重要作用。一个具有低NE，另一个具有高NE。然后，我们展示了关键取决于当前均衡的政策的有效性以及期望之间的差异如何收敛到新的均衡。本文建立了一个理论模型，并使用经合组织国家层面的数据（2000-2013年）对模型的一些含义进行了实证检验。理论结果表明，即使存在降低临界数量的积极作用，旨在促进创意产业创新的政策实际上也会降低创新的均衡水平，降低银行在低NE均衡中的信心和网络外部性。在高NE平衡中观察到相反的结果。还讨论了政府政策的其他含义。 （C）2015 Elsevier Inc.保留所有权利。

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