Social value of innovations, distortions, and RαD investments:first best versus second best equilibria in growth models

André Grimaud and Frederic Tournemaine

Revue d'économie politique, 2006, vol. 116, issue 1, 5-22

Abstract: In this paper, we combine together elements from the literature on endogenous growth and on funding of innovations developed by authors such as Arrow [1962], Tirole [1988], Scotchmer [1991,1999], Dasgupta et al. [1996], Gallini and Scotchmer [2003]. We shed a new light on several questions often studied in these literatures. The first one is related to the social value of innovations. The second one concerns the distortions that prevent the decentralized economy to be optimal. The third one concerns insufficient investments which are observed in research.

Keywords: social value of an innovation; complete markets; distortions (search for similar items in EconPapers)
Date: 2006
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