Lanjouw, Jean O. and Schankerman, Mark (2002) Research productivity and patent quality: measurement with multiple indicators. 3623. Centre for Economic Policy Research, London, UK.Full text not available from this repository.
We analyse the determinants of the decline in measured research productivity (the patent/R&D ratio) using panel data on manufacturing firms in the US for the period 1980-93. We focus on three factors: the level of demand, the quality of patents, and technological exhaustion. We first develop an index of patent ‘quality’ using detailed information on patents in the US in seven technology fields. Using a factor model, we construct a minimum-variance index based on four patent characteristics and show that using multiple indicators substantially reduces the measured variance in quality. We then show that research productivity at the firm level is negatively related to the patent quality index and the level of demand, as predicted by an optimizing model of R&D, and positively related to the stock market valuation of patented innovations held by firms.
|Item Type:||Monograph (Discussion Paper)|
|Additional Information:||© 2002 The Authors|
|Library of Congress subject classification:||T Technology > T Technology (General)
H Social Sciences > HB Economic Theory
|Journal of Economic Literature Classification System:||O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O31 - Innovation and Invention: Processes and Incentives
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O32 - Management of Technological Innovation and R&D
|Sets:||Collections > Economists Online
Departments > Economics
Research centres and groups > Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD)
|Date Deposited:||27 May 2008 11:45|
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