Lee, Chang-Yang - In: Economics of Innovation and New Technology 12 (2003) 5, pp. 385-395
This paper derives a simple, but informative, model of firm R&D to figure out key factors that determine firm R&D effort. The model suggests a demand-pull, technology-push theory of R&D by showing that a firm's profit-maximizing R&D expenditure is determined jointly by both demand-side factors...