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This paper investigates the potential impact of increased business R&D efforts in Europe on the total factor productivity gap between European and U.S. industry. The paper addresses Europe’s ambition, expressed at the 2000 Lisbon Summit to become “the most competitive and dynamic knowledge-based economy in the world”, and the 3% R&D intensity target for Europe formulated at the 2002 Barcelona Summit
I discuss and compare alternative approaches to integrating bounded rationality with the theory of economic organization, concentrating on the organizational capabilities approach, which is strongly influenced by the works of Nelson and Winter..
Evolutionary theories of technological change and industrial dynamics give primary importance to interaction between heterogeneous agents, endowed with complementary assets and competencies. Accordingly, support to co-operative R&D is central to technology policy, as a mean for increasing system connectivity, triggering virtuous cycles of learning and promoting variety.
The purpose of this paper is to obtain a fractional Black-Scholes formula for the price of an option for every t in [0,T], a fractional Black-Scholes equation and a risk-neutral valuation theorem if the underlying is driven by a fractional Brownian motion BH (t), 1/2 < H < 1.
The paper presents and formalises an approach to the evolution of the organisation of industry which starts from multi-activity firms, and which relates to economists like Young, Stigler, and Richardson. To capture the open-ended process of disintegration of industry, the paper operates with decomposable tasks and gives an account of the vertical and horizontal structure of production by means of weighted trees in the graphtheoretical sense
The current decade has experienced a powerful expansion of work on the firm, both from a capabilities perspective and from a contractual perspective. These two bodies of theories are sometimes regarded as fundamentally different, as their fields of applications differ (knowledge-accumulation vs contracts and incentives). However, we have to integrate propositions from capabilities perspectives with …
Even though there are many theories of growth of the firm, the literature has limitations in 2 interrelated aspects. Initially, empirical evidence doesn’t match well theoretical predictions. Second, the organization growth literature doesn’t deal with the structure of knowledge both in firms and sectors and also knowledge flows between them. According to existing theoretical and …
The current document talks about a significant part of the framework conditions for innovation in several European countries (France, Italy, Spain, the Netherlands, the United Kingdom) also Japan and the United States by way of a comparison of the development of the financial systems in these countries. The main objective is whether a convergence could …
Knowledge and learning are widely thought to be defining options that come with the current economy. They’re a focus of intense interest amongst policy makers in addition to academics. Essential recent attempts have already been made to try and elucidate the interactions between your different types of knowledge: particularly codified knowledge (mainly know-what and know-why) …
Organizations usually do not exist because of the cost of using the price mechanism, but since they enable actions to be completed concurrently in conformity with a particular design. This concurrent co-ordination, which production demands, is different from the evolutionary coordination, which is the unintentional consequence of market transactions. The 2 processes are alternatives only …