Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value

Adam Jaffe

American Economic Review, 1986, vol. 76, issue 5, 984-1001

Abstract: This paper quantifies the effects of exogenous variations in the state of technology (technological opportunity) and of the R&D of other firms (spillovers of R&D) on the productivity of firms' R&D. The R&D productivity is increased by the R&D of "technological neighbors," though neighbors' R&D lowers the profits and market value of low-R&D-intensity firms. Firms are shown to adjust the technological composition of their R&D in response to technological opportunity. Copyright 1986 by American Economic Association.

Date: 1986
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