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Market Structure and Innovation : Cambridge Surveys of Economic Literature - Morton I. Kamien

Market Structure and Innovation

Cambridge Surveys of Economic Literature

Paperback Published: 10th May 1982
ISBN: 9780521293853
Number Of Pages: 256

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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.

Prefacep. ix
The emergence of an economics of technical advancep. 1
Early observations on technical advancep. 3
Schumpeter and beyondp. 7
Collective versus market directionp. 13
Technical advance?p. 17
Organization of the bookp. 19
Schumpeterian hypothesesp. 22
Innovation and monopoly powerp. 27
Innovation and firm sizep. 31
The "technology-push" hypothesisp. 33
The "demand-pull" hypothesisp. 35
Demand-pull and market structurep. 36
Summaryp. 47
Appendixp. 48
Empirical studies of the Schumpeterian hypothesesp. 49
The inventive processp. 54
The roles of technological opportunity and economic opportunityp. 58
The innovation production functionp. 64
The effects of technical advance on market structurep. 70
Firm size and inventive activityp. 75
Market structure and innovationp. 84
Concentration and research effortp. 86
Concentration and innovation outputp. 91
Other elements of market structurep. 93
Liquidity and profitabilityp. 95
Diversification and entrepreneurial talentp. 98
Market structure and diffusion of innovationsp. 100
Summaryp. 102
Modern theories of market structure and innovation: The decision theoretic approachp. 105
The rewards and probabilities of collecting themp. 112
The costp. 116
Speed of developmentp. 117
New product pricingp. 122
The nonrivalrous solutionp. 123
Intense rivalryp. 123
A particular cost functionp. 124
Is development worthwhile?p. 125
Noncontractual developmentp. 127
Development ceases upon rival entryp. 130
A range of innovationsp. 131
Self-financingp. 132
Rival precedence need not halt RandDp. 135
Impossible imitation and costless imitationp. 140
Summaryp. 141
Appendixp. 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
Rival precedence need not halt RandD
Modern theories of market structure and innovation: the game theoretic approachp. 176
Costs and the speed of developmentp. 179
Rewardsp. 182
Technical and market uncertaintyp. 182
Efficiencyp. 185
Social optimalityp. 187
The market solutionp. 189
Summaryp. 193
A dynamic approachp. 197
Appendixp. 199
Costs and speed of development
Technical and market uncertainty
Social optimality
The market solution
Summary and prospectusp. 216
Referencesp. 224
Author indexp. 237
Subject indexp. 240
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521293853
ISBN-10: 0521293855
Series: Cambridge Surveys of Economic Literature
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 256
Published: 10th May 1982
Country of Publication: GB
Dimensions (cm): 21.72 x 14.12  x 1.68
Weight (kg): 0.35

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