Market Structure and Innovation

By: Morton I. Kamien, Nancy L. Schwartz

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Paperback | 3 November 1982

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256 Pages

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21.59 x 13.97 x 1.47

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Technical advance requires resources and is motivated by the quest for profits; therefore, the rate and direction of advance is determined by the economic system. Recognition of this fact has focused attention on the performance of the market economy in the allocation of resources to technical advance, and the consequent body of research is surveyed and synthesised in this book. The theories of market structure and innovation proposed by Schumpeter, Galbraith, Arrow, Schmookler, Scherer, Mansfield, Phillips, Barzel, Kamien and Schwartz, Loury, Nelson and Winter, Grabowski, Dasgupta and Stiglitz, and others are presented in an integrated form. These theories deal with the nature of competition, the incentives to innovate and the pace of innovative activity under different market structures, and the existence of a market structure that yields the most rapid rate of innovation. In addition, the findings of seventy empirical studies dealing with various facets of the microeconomics of technical innovation are presented. The book is designed to be accessible to economists working in a variety of situations - in universities, business and government - and who are concerned with questions of technical innovation. It is also suitable for senior-level undergraduates and first year graduate students approaching the subject in a comprehensive way for the first time.

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Non-Fiction Business & Management Sales & Marketing Economics Microeconomics Labour Economics

Preface	p. ix
The emergence of an economics of technical advance	p. 1
Early observations on technical advance	p. 3
Schumpeter and beyond	p. 7
Collective versus market direction	p. 13
Technical advance?	p. 17
Organization of the book	p. 19
Schumpeterian hypotheses	p. 22
Innovation and monopoly power	p. 27
Innovation and firm size	p. 31
The "technology-push" hypothesis	p. 33
The "demand-pull" hypothesis	p. 35
Demand-pull and market structure	p. 36
Summary	p. 47
Appendix	p. 48
Empirical studies of the Schumpeterian hypotheses	p. 49
The inventive process	p. 54
The roles of technological opportunity and economic opportunity	p. 58
The innovation production function	p. 64
The effects of technical advance on market structure	p. 70
Firm size and inventive activity	p. 75
Market structure and innovation	p. 84
Concentration and research effort	p. 86
Concentration and innovation output	p. 91
Other elements of market structure	p. 93
Liquidity and profitability	p. 95
Diversification and entrepreneurial talent	p. 98
Market structure and diffusion of innovations	p. 100
Summary	p. 102
Modern theories of market structure and innovation: The decision theoretic approach	p. 105
The rewards and probabilities of collecting them	p. 112
The cost	p. 116
Speed of development	p. 117
New product pricing	p. 122
The nonrivalrous solution	p. 123
Intense rivalry	p. 123
A particular cost function	p. 124
Is development worthwhile?	p. 125
Noncontractual development	p. 127
Development ceases upon rival entry	p. 130
A range of innovations	p. 131
Self-financing	p. 132
Rival precedence need not halt RandD	p. 135
Impossible imitation and costless imitation	p. 140
Summary	p. 141
Appendix	p. 145
Speed of development
New product pricing
The nonrivalrous solution
Intense rivalry
A particular cost function
Development ceases upon rival entry
A range of innovations
Self-financing
Rival precedence need not halt RandD
Modern theories of market structure and innovation: the game theoretic approach	p. 176
Costs and the speed of development	p. 179
Rewards	p. 182
Technical and market uncertainty	p. 182
Efficiency	p. 185
Social optimality	p. 187
The market solution	p. 189
Summary	p. 193
A dynamic approach	p. 197
Appendix	p. 199
Costs and speed of development
Technical and market uncertainty
Efficiency
Social optimality
The market solution
Summary and prospectus	p. 216
References	p. 224
Author index	p. 237
Subject index	p. 240
Table of Contents provided by Syndetics. All Rights Reserved.

Market Structure and Innovation

At a Glance

Paperback

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How to return your order

Defective items

You Can Find This Book In

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