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Public research funding and private ...

Book, Robert Aaron.

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Public research funding and private innovation: The case of the pharmaceutical industry.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Public research funding and private innovation: The case of the pharmaceutical industry./
Author:	Book, Robert Aaron.
Description:	103 p.
Notes:	Source: Dissertation Abstracts International, Volume: 63-09, Section: A, page: 3267.
Contained By:	Dissertation Abstracts International63-09A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3060085
ISBN:	0493841563

Public research funding and private innovation: The case of the pharmaceutical industry.
Book, Robert Aaron.

Public research funding and private innovation: The case of the pharmaceutical industry. - 103 p.

Source: Dissertation Abstracts International, Volume: 63-09, Section: A, page: 3267.

Thesis (Ph.D.)--The University of Chicago, 2002.

The United States has an extensive system of government funding of basic research. The traditional rationale for this policy is that due to inappropriability of research results, the private sector provides suboptimal levels of basic research, and government subsidy will correct this underprovision. In addition, it is likely that higher levels of basic research stimulate higher levels of private applied research by increasing the stock of scientific knowledge. It is possible, however, that government-funded basic research "crowds out" private basic research by reducing its private returns. This may mitigate or even reverse the former effect, so that government funding of basic research may stimulate less, and in the extreme case may even reduce, the level of private research relative to the alternative in which basic research is privately funded.

ISBN: 0493841563Subjects--Topical Terms:

1017424
Economics, General.

Public research funding and private innovation: The case of the pharmaceutical industry.
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245 1 0 $a Public research funding and private innovation: The case of the pharmaceutical industry.
300 $a 103 p.
500 $a Source: Dissertation Abstracts International, Volume: 63-09, Section: A, page: 3267.
500 $a Adviser: Sam Peltzman.
502 $a Thesis (Ph.D.)--The University of Chicago, 2002.
520 $a The United States has an extensive system of government funding of basic research. The traditional rationale for this policy is that due to inappropriability of research results, the private sector provides suboptimal levels of basic research, and government subsidy will correct this underprovision. In addition, it is likely that higher levels of basic research stimulate higher levels of private applied research by increasing the stock of scientific knowledge. It is possible, however, that government-funded basic research "crowds out" private basic research by reducing its private returns. This may mitigate or even reverse the former effect, so that government funding of basic research may stimulate less, and in the extreme case may even reduce, the level of private research relative to the alternative in which basic research is privately funded.
520 $a This paper uses data on public and private funding of biomedical research to study the effect of government research funding on private-sector research and development (R&D) expenditures and new product development in the pharmaceutical industry. The main finding is that increases in government research funding appear to crowd out private R&D for approximately the first four years and start to stimulate private research in the fifth year after the increase. A reasonable interpretation is that the direct effect of government funding is to crowd out private basic research in the short run and stimulate private applied research in the long run. The crowding out (substitution) is more pronounced when expenditure levels are measured in constant dollars according to the Biomedical Research and Development Price Index (BRDPI), rather than in current dollars or constant dollars according to the GDP deflator. Numerous robustness checks fail to support alternative interpretations, and anecdotal data from the development of a new class of drugs (COX-2 inhibitors) supports this interpretation. In addition, empirical results fail to show any clear effect of government funding on output in the pharmaceutical industry.
590 $a School code: 0330.
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650 4 $a Health Sciences, Pharmacy. $3 1017737
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791 $a Ph.D.
792 $a 2002
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