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The Determinants of Development Costs

In: Research and Innovation in the Modern Corporation

Author

Listed:
  • Edwin Mansfield

    (University of Pennsylvania)

  • John Rapoport

    (Mount Holyoke College)

  • Jerome Schnee

    (Columbia University)

  • Samuel Wagner

    (Temple University)

  • Michael Hamburger

    (Federal Reserve Bank of New York)

Abstract

Although a great many studies have been made of the costs of production in various firms and industries, there is surprisingly little information concerning the costs of development. Even the most basic sorts of data are generally unavailable. For example, we do not have even crude estimates of how much it cost to develop the individual new products that have arisen in recent years in various sectors of the economy. Beyond this, little attempt has been made to test various hypotheses concerning the determinants of development costs. Economists have hypothesized that the cost of developing a new product depends on the size and complexity of the product being developed, the extent of the advance in performance that is sought, the development time, the available stock of knowledge, components, and materials, and the development strategy that is pursued. But there has been little or no attempt to test these hypotheses or provide quantitative estimates of the effects of these or other factors.

Suggested Citation

  • Edwin Mansfield & John Rapoport & Jerome Schnee & Samuel Wagner & Michael Hamburger, 1971. "The Determinants of Development Costs," Palgrave Macmillan Books, in: Research and Innovation in the Modern Corporation, chapter 4, pages 64-85, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01639-6_4
    DOI: 10.1007/978-1-349-01639-6_4
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