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By Giorgio Barba Navaretti, Partha Dasgupta, Karl-Göran Mäler, Domenico Siniscalco

Is wisdom an fiscal reliable? that are the features of the associations regulating the construction and diffusion of data? Cumulation of information is a key determinant of financial progress, yet just recently wisdom has moved to the center of financial research. contemporary literature additionally offers profound insights into occasions like medical development, creative and craft improvement that have been not often addressed as socio-economic associations, being the area of sociologists and historians instead of economists. This quantity adopts a multidisciplinary method of convey wisdom within the concentration of awareness, as a key financial issue.

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Extra resources for Creation and Transfer of Knowledge: Institutions and Incentives

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According to this scheme, the leading finn is always allowed to keep the full benefits fonn the innovation, if it is the winner of the R&D race. If lagging fums win, they will be allowed to use the innovation, following the payment of a fee to the leading finn. This result shows that with asymmetrie endowments of knowledge and when co-operation is restricted to knowledge sharing (and not extended to R&D effort), it is possible to implement efficient arm-Iength R&D contracts. Two qualifications are however necessary.

Knowledge is an important determinant of the decision of starting production abroad. Both the empirical and the theoretical literature emphasise its role in creating ownership advantages. Indeed, it is a firm specific intangible asset, which can be transferred at a lower cost than other capital assets (Horstman and Markusen 1987). At the same time, its public good nature influences the effectiveness and, consequently the form, of its transfer. Many empirical studies have now gathered a quite impressive body of evidence about knowledge spillovers from multinational activities to host countries' firms (see BIomström and Kokko's chapter in this volume for a comprehensive survey of this literature).

Why? How? D' Aspremont and Jaquemin assume that the duopolists are identical. In developing countries, instead, it is reasonable to assume that the local firm has an inferior endowment of knowledge and is less efficient in carrying out research effort. In other words, potential positive spillovers are larger form the advanced country firm to the developing country firm than vice versa. This is a problem, because the incentive to carry out joint R&D derives form bilateral spillovers. If spillovers in one direction are weaker, the efficient firm has a lower incentive to cooperate.

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