An Economic Analysis of Standard Reference Materials

Michael Hall (), Albert Link and Matthew Schaffer ()
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Michael Hall: National Institute of Standards and Technology
Matthew Schaffer: University of North Carolina at Greensboro, Department of Economics

No 22-6, UNCG Economics Working Papers from University of North Carolina at Greensboro, Department of Economics

Abstract: Standard Reference Materials® (SRMs®) are high-technology infrastructural elements developed and distributed by the U.S. national metrology institute, the National Institute of Standards and technology. SRMs are used throughout the economy to enhance production efficiency by reducing information asymmetries and thereby reducing transaction costs between affected parties. To date, the domestic market demand for SRMs in the United States has not been studied. Thus, the purpose of this paper is to estimate a market demand model for SRMs; the empirical results show that market demand is cyclical, that is it increases with positive changes in multifactor productivity.

Keywords: Standard Reference Materials; NIST; R&D; multifactor productivity (search for similar items in EconPapers)
JEL-codes: E61 H42 O38 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2022-07-14
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Persistent link: https://EconPapers.repec.org/RePEc:ris:uncgec:2022_006

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