A revisit to the relationship between patents and R&D using empirical likelihood estimation

Sheng-Pin Hsueh () and Wei-Ming Lee ()
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Sheng-Pin Hsueh: Department of Finance, Providence University
Wei-Ming Lee: Department of Economics, National Chung Cheng University

Economics Bulletin, 2012, vol. 32, issue 2, 1208-1214

Abstract: In this paper we reexamine the relationship between patents and R&D using empirical likelihood estimation. Based on the data of Hall, Griliches, and Hausman (1986) and the specification allowing for endogenous regressors, we found that the contemporaneous effect of R&D is significantly positive, yet the first-lag effect is significantly negative. Moreover, the total effect of R&D is much larger than those found in the early studies.

Keywords: patent; R&D; panel count data; empirical likelihood (search for similar items in EconPapers)
JEL-codes: C2 O3 (search for similar items in EconPapers)
Date: 2012-04-17
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Citations: View citations in EconPapers (2)

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