Growth Through Heterogeneous Innovations / Ufuk Akcigit, William R. Kerr.

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Akcigit, Ufuk

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w16443.Publication details: Cambridge, Mass. National Bureau of Economic Research 2010.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new product lines and exploitation R&D to improve their existing product lines. We model and show empirically that exploration R&D does not scale as strongly with firm size as exploitation R&D. The resulting framework conforms to many regularities regarding innovation and growth differences across the firm size distribution. We also incorporate patent citations into our theoretical framework. The framework generates a simple test using patent citations that indicates that entrants and small firms have relatively higher growth spillover effects.

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Previous	nber w16440 Climate and Civil War: Is the Relationship Robust? /	nber w16441 Subjective Well-Being, Income, Economic Development and Growth /	nber w16442 Public Pension Funding in Practice /	nber w16443 Growth Through Heterogeneous Innovations /	nber w16444 Child-Adoption Matching: Preferences for Gender and Race /	nber w16445 An International Comparison of Capital Structure and Debt Maturity Choices /	nber w16446 Chinese Firm and Industry Reactions to Antidumping Initiations and Measures /	Next

November 2010.

We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new product lines and exploitation R&D to improve their existing product lines. We model and show empirically that exploration R&D does not scale as strongly with firm size as exploitation R&D. The resulting framework conforms to many regularities regarding innovation and growth differences across the firm size distribution. We also incorporate patent citations into our theoretical framework. The framework generates a simple test using patent citations that indicates that entrants and small firms have relatively higher growth spillover effects.