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Front Matter, R&D, Patents, and Productivity

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Front Matter, R&D, Patents, and Productivity This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: R & D, Patents, and Productivity Volume Author/Editor: Zvi Griliches, ed. Volume Publisher: University of Chicago Press Volume ISBN: 0-226-30884-7 Volume URL: http://www.nber.org/books/gril84-1 Publication Date: 1984 Chapter Title: Front matter, R&D, Patents, and Productivity Chapter Author: Zvi Griliches Chapter URL: http://www.nber.org/chapters/c10041 Chapter pages in book: (p. -13 - 0) R&D, Patents, and Productivity A National Bureau of Economic Research Conference Report R&D, Patents, and Productivity Edited by Zvi Griliches The University of Chicago Press Chicago and London The University ofChicago Press, Chicago 60637 The University of Chicago Press, Ltd. , London © 1984 by the National Bureau ofEconomic Research All rights reserved. Published 1984 Paperback edition 1987 Printed in the United States ofAmerica 9695 9493 9291 9089 88 87 6543 2 LIBRARY OF CONGRESS CATALOGING IN PUBLICATION DATA Main entry under title: R&D, patents, and productivity. Papers presented at a conference held in Lenox, Mass., in the fall of 1981, and organized by the National Bureau of Economic Research. Includes indexes. 1. Research, Industrial-United States-Congresses. 2. Patents-United States-Congresses. 3. Industrial productivity-United States-Congresses. I. Griliches, Zvi, 1930- II. National Bureau of Economic Research. III. Title: Rand D, patents, and productivity. HD30.42.U5R2 1984 338' .06 83-18121 ISBN 0-226-30883-9 (cloth); 0-226-30844-7 (paper) National Bureau of Economic Research Officers Walter W. Heller, chairman Franklin A. Lindsay, vice-chairman Charles A. Walworth, treasurer Eli Shapiro, president Sam Parker, director offinance and David G. Hartman, executive director administration Directors at Large Moses Abramovitz Franklin A. Lindsay Bert Seidman George T. Conklin, Jr. Roy E. Moor Eli Shapiro Jean A. Crockett Geoffrey H. Moore Stephen Stamas Morton Ehrlich Michael H. Moskow Lazare Teper Edward L. Ginzton James J. O'Leary Donald S. Wasserman David L. Grove Peter G. Peterson Marina v. N. Whitman Walter W. Heller Robert V. Roosa Saul Klaman Richard N. Rosett Directors by University Appointment Charles H. Berry, Princeton James L. Pierce, California, Berkeley Otto Eckstein, Harvard Nathan Rosenberg, Stanford Walter D. Fisher, Northwestern James Simler, Minnesota J. C. LaForce, California, Los Angeles James Tobin, Yale Paul McCracken, Michigan William S. Vickrey, Columbia Daniel McFadden, Massachusetts Institute Dudley Wallace, Duke of Technology Burton A. Weisbrod, Wisconsin Almarin Phillips, Pennsylvania Arnold Zellner, Chicago Directors by Appointment of Other Organizations Carl F. Christ, American Economic Rudolph A. Oswald, American Association Federation of Labor and Congress of Gilbert Heebner, National Association Industrial Organizations of Business Economists Joel Popkin, American Statistical Robert C. Holland, Committee for Association Economic Development G. Edward Schuh, American Agricultural Stephan F. Kaliski, Canadian Economics Economics Association Association Albert Sommers, The Conference Douglass C. North, Economic History Board Association Charles A. Walworth, American Institute of Certified Public Accountants Directors Emeriti Arthur F. Burns Thomas D. Flynn Murray Shields Emilio G. Collado Gottfried Haberler Boris Shishkin Solomon Fabricant Albert J. Hettinger, Jr. Willard L. Thorp Frank Fetter George B. Roberts Theodore O. Yntema Relation of the Directors to the Work and Publications of the National Bureau of Economic Research 1. The object of the National Bureau ofEconomic Research is to ascertain and to present to the public important economic facts and their interpretation in a scientific and impartial manner. The Board ofDirectors is charged with the responsibility ofensuring that the work of the National Bureau is carried on in strict conformity with this object. 2. The President of the National Bureau shall submit to the Board of Directors, or to its Executive Committee, for their formal adoption all specific proposals for research to be instituted. 3. No research report shall be published by the National Bureau until the President has sent each member of the Board a notice that a manuscript is recommended for publication and that in the President's opinion it is suitable for publication in accordance with the principles of the National Bureau. Such notification will include an abstract or summary of the manuscript's content and a response form for use by those Directors who desire a copy of the manuscript for review. Each manuscript shall contain a summary drawing attention to the nature and treatment of the problem studied, the character of the data and their utilization in the report, and the main conclusions reached. 4. For each manuscript so submitted, a special committee of the Directors (including Directors Emeriti) shall be appointed by majority agreement of the President and Vice Presidents (or by the Executive Committee in case of inability to decide on the part of the President and Vice Presidents), consisting of three Directors selected as nearly as may be one from each general division of the Board. The names of the special manuscript commit­ tee shall be stated to each Director when notice of the proposed publication is submitted to him. It shall be the duty of each member of the special manuscript committee to read the manuscript. Ifeach member of the manuscript committee signifies his approval within thirty days of the transmittal of the manuscript, the report may be published. If at the end of that period any member ofthe manuscript committee withholds his approval, the President shall then notify each member of the Board, requesting approval or disapproval of publication, and thirty days additional shall be granted for this purpose. The manuscript shall then not be published unless at least a majority of the entire Board who shall have voted on the proposal within the time fixed for the receipt of votes shall have approved. 5. No manuscript may be published, though approved by each member of the special manuscript committee, until forty-five days have elapsed from the transmittal of the report in manuscript form. The interval is allowed for the receipt ofany memorandum ofdissent or reservation, together with a brief statement of his reasons, that any member may wish to express; and such memorandum of dissent or reservation shall be published with the manuscript if he so desires. Publication does not, however, imply that each member of the Board has read the manuscript, or that either members ofthe Board in general or the special committee have passed on its validity in every detail. 6. Publications of the National Bureau issued for informational purposes concerning the work of the Bureau and its staff, or issued to inform the public of activities of Bureau staff, and volumes issued as a result of various conferences involving the National Bureau shall contain a specific disclaimer noting that such publication has not passed through the normal review procedures required in this resolution. The Executive Committee of the Board is charged with review ofall such publications from time to time to ensure that they do not take on the character offormal research reports of the National Bureau, requiring formal Board approval. 7. Unless otherwise determined by the Board or exempted by the terms ofparagraph 6, a copy of this resolution shall be printed in each National Bureau publication. (Resolution adopted 25 October 1926, as revised through 30 September 1974) Contents Acknowledgments Xl 1. Introduction 1 Zvi Griliches 2. Who Does R&D and Who Patents? 21 John Bound, Clint Cummins, Zvi Griliches, Bronwyn H. Hall, and Adam Jaffe 3. Patents and R&D at the Firm Level: A First Look 55 Ariel Pakes and Zvi Griliches 4. The Rate of Obsolescence of Patents, Research Gestation Lags, and the Private Rate of Return to Research Resources 73 Ariel Pakes and Mark Schankerman 5. International Invention: Implications for Technology Market Analysis 89 Robert E. Evenson Comment: Frederic M. Scherer 6. R&D and Innovation: Some Empirical Findings 127 Edwin Mansfield Comments: Zvi Griliches George C. Eads Reply: Edwin Mansfield vii viii Contents 7. Long-Run Trends in Patenting 155 John J. Beggs Comment: Mark Schankerman 8. Tests of a Schumpeterian Model of R&D and Market Structure 175 Richard C. Levin and Peter C. Reiss Comment: Pankaj Tandon 9. An Exploration into the Determinants of Research Intensity 209 Ariel Pakes and Mark Schankerman 10. Firm versus Industry Variability in R&D Intensity 233 John T. Scott Comment: Albert N. Link 11. Market Value, R&D, and Patents 249 Zvi Griliches 12. Patents, R&D, and the Stock Market Rate of Return: A Summary of Some Empirical Results 253 Ariel Pakes 13. R&D and the Market Value of the Firm: A Note 261 Andrew B. Abel 14. An Extended Accelerator Model of R&D and Physical Investment 271 Jacques Mairesse and Alan K. Siu Comment: John J. Beggs 15. The R&D and Investment Decision and Its Relationship to the Firm's Market Value: Some Preliminary Results 299 Uri Ben-Zion Comment: Robert E. Evenson 16. Investment in R&D, Costs of Adjustment, and Expectations 315 Mark Schankerman and M. Ishaq Nadiri ix Contents 17. Productivity and R&D at the Firm Level 339 Zvi Griliches and Jacques Mairesse 18. Productivity and R&D at the Firm Level in French Manufacturing 375 Philippe Cuneo and Jacques Mairesse 19. Productivity Growth and R&D at the Business Level: Results from the PIMS Data Base 393 Kim B. Clark and Zvi Griliches 20. Using Linked Patent and R&D Data to Measure Interindustry Technology Flows 417 Frederic M. Scherer Comment: Edwin Mansfield 21. R&D and Productivity Growth at the Industry Level: Is There Still a Relationship? 465 Zvi Griliches and Frank Lichtenberg Comment: Nestor E. Terleckyj List of Contributors 503 Author Index 505 Subject Index 509 Acknowledgments This volume consists of papers and discussions presented at a conference held in Lenox, Massachusetts, and of related papers distributed as back­ ground papers at the conference.
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