Research in energy conversion technologies: Policy instruments and uncertainty

Straathof, Bas and van Zon, Adriaan (2002). Research in energy conversion technologies: Policy instruments and uncertainty. UNU-MERIT Research Memoranda. UNU-MERIT.

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  • Sub-type Working paper
    Author Straathof, Bas
    van Zon, Adriaan
    Title Research in energy conversion technologies: Policy instruments and uncertainty
    Series Title UNU-MERIT Research Memoranda
    Volume/Issue No. 3
    Publication Date 2002
    Place of Publication Maastricht, NL
    Publisher UNU-MERIT
    Pages 13
    Language eng
    Abstract In this paper, the effects of uncertainty and of various policy instruments on the length and attractiveness of private research projects are studied. Research expenditure can be regained from quasi-rents that are earned by exploiting patents on the fruits of research. The accumulation of knowledge is modeled as a Poisson process. Within the context of the model, we show that firms shorten the duration of research projects when uncertainty in knowledge accumulation increases or when, for example, the validity of patents is prolonged. The underlying mechanisms are due to Jensen___s Inequality and a real-option effect. Furthermore, we develop a smooth pasting condition for a class of Poisson processes.
    Copyright Holder UNU-MERIT
    Copyright Year 2002
    Copyright type All rights reserved
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    Created: Fri, 13 Dec 2013, 12:42:57 JST