论文信息 - The Implications of Regulation for Induced Technical Change

The Implications of Regulation for Induced Technical Change

The purpose of this paper is to extend the Averch-Johnson model of the regulated firm so as to allow for the endogenous selection of factor augmenting technical change. A simple model is developed which avoids the questions of timing, capitalization, and internalization of innovations and focuses on the incentives to a firm for innovational choice under cost minimizing conditions versus several formulations of the regulated setting. The results suggest that regulation can distort the innovational selections. Moreover, in the case of the profit maximizing firm subject to "fair" return on investment regulation, the innovational choices will reinforce the static overcapitalization tendencies.

V. Kerry Smith | V. Smith

[1] M. Ishaq Nadiri,et al. Some Approaches to the Theory and Measurement of Total Factor Productivity: A Survey , 1970 .

[2] Jerome L. Stein,et al. Behavior of the Firm Under Regulatory Constraint , 1972 .

[3] F. Machlup. The Supply of Inventors and Inventions , 1962 .

[4] Morton I. Kamien,et al. OPTIMAL "INDUCED" TECHNICAL CHANGE' , 1968 .

[5] William D. Nordhaus,et al. Invention growth, and welfare , 1969 .

[6] E. Bailey. Resource Allocation and the Regulated Firm: Comment on the Comments , 1973 .

[7] D. Mcnicol. The Comparative Statics Properties of the Theory of the Regulated Firm , 1973 .

[8] John C. Malone,et al. Resource Allocation and the Regulated Firm , 1970 .

[9] Akira Takayama,et al. Behavior of the Firm under Regulatory Constraint , 1969 .

[10] W. E. G. Salter,et al. Productivity and Technical Change. , 1961 .

[11] Vernon W. Ruttan,et al. Technology And The Environment , 1971 .

[12] William J. Baumol,et al. Input choices and rate-of-return regulation : an overview of the discussion , 1970 .

[13] A. Klevorick. The "Optimal" Fair Rate of Return , 1971 .

[14] V. Smith. The implications of common property resources for technical change , 1972 .