Building the Knowledge Stock: Lags, Depreciation, and Uncertainty in R&D Investment and Link with Productivity Growth

Roberto Esposti and Pierpaolo Pierani

Journal of Productivity Analysis, 2003, vol. 19, issue 1, 33-58

Abstract: The search for an appropriate methodology to investigate the relation between R&D investment, knowledge stock and productivity growth is the main purpose of the paper. In analogy with physical assets, we present a model of knowledge capital formation which allows the calculation of the relevant user cost, as well. The proposed model accumulates R&D investment based on a stochastic gestation lag and a geometric depreciation of the stock. The basic parameters underlying the lag structure differ according to the types of research expenditure. The approach is applied to public R&D investment in Italian agriculture; the results provide interesting information about the economic structure of public research effort in Italian agriculture and plausible estimates of its internal rate of return. Copyright Kluwer Academic Publishers 2003

Keywords: knowledge stock; productivity; research and development; lag structure (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (25)

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DOI: 10.1023/A:1021818019626

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