A Structural Empirical Model of R&D, Firm Heterogeneity, and Industry Evolution

被引：0
|
作者：
Chen, Yanyou [1 ]
Xu, Daniel Yi [2 ,3 ]
机构：
[1] Univ Toronto, Dept Econ, Toronto, ON, Canada
[2] Duke Univ, Dept Econ, Durham, NC USA
[3] Natl Bur Econ Res, Boston, MA USA
来源：
JOURNAL OF INDUSTRIAL ECONOMICS | 2023年 / 71卷 / 02期
关键词：
PRODUCTIVITY; DYNAMICS; INVESTMENT; SPILLOVERS; MARKET; COMPETITION; ENTRY; EXIT;
D O I：
10.1111/joie.12327
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This article develops and estimates an industry equilibrium model of the Korean electric motor industry from 1991 to 1996. Plant-level decisions on R & D, physical capital investment, entry, and exit are integrated in a dynamic setting with knowledge spillovers. We apply the novel approximation of oblivious equilibrium to estimate the R & D cost, magnitude of knowledge spillovers, adjustment costs of physical investment, and plant scrap value distribution. Knowledge spillovers are essential to explaining the firm-level productivity evolution and the equilibrium market configuration. A 15% R & D subsidy maximizes industry output and is broadly consistent with a past policy initiative of the Korean government.
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页码：323 / 353
页数：31
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