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Research Risk and Public Policy in a Knowledge-Based Economy: the Relative Research Efficiency of Government Versus University Labs

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  • Dennis Leyden
  • Albert Link

Abstract

This paper contributes to the burgeoning literature about the knowledge economy by addressing the question of which intellectual-based institutions in an economy contribute the greatest amount to economic growth. In particular, we posit a theoretical model that compares the research efficiency of government research labs to university research labs. We conclude that there is merit in shifting public moneys from government research labs to university research labs from an efficiency perspective. This result opens the door for empirical research on relative research efficiencies and the implications for efficiency gains on economic growth. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Dennis Leyden & Albert Link, 2014. "Research Risk and Public Policy in a Knowledge-Based Economy: the Relative Research Efficiency of Government Versus University Labs," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(2), pages 294-304, June.
    • Handle: RePEc:spr:jknowl:v:5:y:2014:i:2:p:294-304
    DOI: 10.1007/s13132-012-0145-0
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    References listed on IDEAS

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    1. Leyden, Dennis Patrick & Link, Albert N, 1993. "Privatization, Bureaucracy, and Risk Aversion," Public Choice, Springer, vol. 76(3), pages 199-213, July.
    2. Rebecca M. Blank, 1985. "An Analysis of Workers' Choice between Employment in the Public and Private Sectors," ILR Review, Cornell University, ILR School, vol. 38(2), pages 211-224, January.
    3. Igor Dubina & Elias Carayannis & David Campbell, 2012. "Creativity Economy and a Crisis of the Economy? Coevolution of Knowledge, Innovation, and Creativity, and of the Knowledge Economy and Knowledge Society," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 3(1), pages 1-24, March.
    4. Don Bellante & Albert N. Link, 1981. "Are Public Sector Workers More Risk Averse Than Private Sector Workers?," ILR Review, Cornell University, ILR School, vol. 34(3), pages 408-412, April.
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    Cited by:

    1. Carla Mascarenhas & Carla Marques & João J. Ferreira, 2020. "One for All and All for One: Collaboration and Cooperation in Triple Helix Knowledge Cocreation," International Regional Science Review, , vol. 43(4), pages 316-343, July.
    2. John R. Madden, 2017. "University location and city development: the effects of Victoria University on the Western Melbourne economy," Centre of Policy Studies/IMPACT Centre Working Papers g-272, Victoria University, Centre of Policy Studies/IMPACT Centre.
    3. Tuba Yak?c? Ayan & Hakan Pabuçcu, 2018. "The assessment of knowledge economy efficiency: comparing Turkey with the European Union countries," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 36(2), pages 443-464.

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