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JournalISSN: 0741-6261

The RAND Journal of Economics 

Wiley-Blackwell
About: The RAND Journal of Economics is an academic journal published by Wiley-Blackwell. The journal publishes majorly in the area(s): Competition (economics) & Incentive. It has an ISSN identifier of 0741-6261. Over the lifetime, 1538 publications have been published receiving 205954 citations. The journal is also known as: RAND Journal of Economics & The Bell Journal of Economics.


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TL;DR: Hall et al. as mentioned in this paper explored the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge.
Abstract: Author(s): Hall, Bronwyn H.; Jaffe, A; Trajtenberg, M | Abstract: We explore the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963-1995, we estimate Tobin's q equations on the ratios of RaD to assets stocks, patents to RaD, and citations to patents. We find that each ratio significantly affects market value, with an extra citation per patent boosting market value by 3%. Further findings indicate that "unpredictable" citations have a stronger effect than the predictable portion, and that self-citations are more valuable than external citations.

2,989 citations

Journal ArticleDOI
TL;DR: In this paper, the authors consider the problem of "supply-and-demand" analysis on a cross-section of oligopoly markets with differentiated products and propose estimation by "inverting" the market-share equation to find the implied mean levels of utility for each good.
Abstract: This article considers the problem of "supply-and-demand" analysis on a cross section of oligopoly markets with differentiated products. The primary methodology is to assume that demand can be described by a discrete-choice model and that prices are endogenously determined by price-setting firms. In contrast to some previous empirical work, the techniques explicitly allow for the possibility that prices are correlated with unobserved demand factors in the cross section of markets. The article proposes estimation by "inverting" the market-share equation to find the implied mean levels of utility for each good. This method allows for estimation by traditional instrumental variables techniques.

2,949 citations

Journal ArticleDOI
TL;DR: In this paper, the authors put forward patent counts weighted by citations as indicators of the value of innovations, thereby overcoming the limitations of simple counts, and found that simple patent counts are highly correlated with contemporaneous RD, however, the association is within afield over time rather than cross-sectional.
Abstract: The use ofpatents in economic research has been seriously hindered by the fact that patents vary enormously in their importance or value, and hence, simple patent counts cannot be informative about innovative output. The purpose of this article is to put forward patent counts weighted by citations as indicators of the value of innovations, thereby overcoming the limitations of simple counts. The empirical analysis of a particular innovation (Computed Tomography scanners) indeed shows a close association between citation-based patent indices and independent measures of the social value of innovations in that field. Moreover, the weighting scheme appears to be nonlinear (increasing) in the number of citations, implying that the informational content of citations rises at the margin. As in previous studies, simple patent counts are found to be highly correlated with contemporaneous RD however, here the association is within afield over time rather than cross-sectional.

2,765 citations

Journal ArticleDOI
TL;DR: In this paper, the authors provide a road map to the burgeoning literature on two-sided markets and present new results on the mix of membership and usage charges when price setting or bargaining determine payments between end-users.
Abstract: The paper provides a road map to the burgeoning literature on two-sided markets and presents new results. It identifies two-sided markets with markets in which the structure, and not only the level of prices charged by platforms matters. The failure of the Coase theorem is necessary but not sufficient for two-sidedness. The paper builds a model integrating usage and membership externalities, that unifies two hitherto disparate strands of the literature emphasizing either form of externality, and obtains new results on the mix of membership and usage charges when price setting or bargaining determine payments between end-users.

2,524 citations

Journal ArticleDOI
TL;DR: The authors analyzes the duality of prices and quantities in a differentiated duopoly and shows that if firms can only make two types of binding contracts with consumers, the price contract and the quantity contract, it is a dominant strategy for each firm to choose the quantity (price) contract, provided the goods are substitutes (complements).
Abstract: This article analyzes the duality of prices and quantities in a differentiated duopoly. It is shown that if firms can only make two types of binding contracts with consumers, the price contract and the quantity contract, it is a dominant strategy for each firm to choose the quantity (price) contract, provided the goods are substitutes (complements).

2,516 citations

Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
202314
202231
202129
202044
201936
201835