Abstract
A dynamic model of optimization of R&D intensity is studied for analyzing the effect of the spillover technology assimilation on techno-economic growth. The research focuses on the issue of a reasonable balance in the R&D investment policy between the indigenous technology stock and exogenous technology flow. On the basis of the concavity properties of the Hamiltonian, a nonlinear stabilizer sustaining proportional techno-economic growth is constructed. Trends of optimal R&D intensity are examined depending on the values of the model macroeconomic parameters and the feedback variables. Econometric analysis shows that additional investments and restructuring of these sources for knowledge absorption could have the effect of increasing returns and provide a strong leverage for reaching qualitatively higher levels of sales, technology development, and consumption index.
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Communicated by G. Leitmann.
The research was sponsored by the SIMOT Program of the Japanese Ministry of Education, Science and Technology.
A.M. Tarasyev was supported by the Russian Fund for Basic Research, Grants 05-01-00601, 05-01-08034, Russian Fund for Humanities, Grant RFH 05-02-02118a, and by the Program for the Sponsorship of Leading Scientific Schools, Grant NSCH-791.2003.1.
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Ane, B.K., Tarasyev, A.M. & Watanabe, C. Construction of Nonlinear Stabilizer for Trajectories of Economic Growth. J Optim Theory Appl 134, 303–320 (2007). https://doi.org/10.1007/s10957-007-9256-3
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DOI: https://doi.org/10.1007/s10957-007-9256-3