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The economics of industrial R & D
Author(s) -
Rowlands D. G.
Publication year - 1973
Publication title -
randd management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.253
H-Index - 102
eISSN - 1467-9310
pISSN - 0033-6807
DOI - 10.1111/j.1467-9310.1973.tb01013.x
Subject(s) - economics , production (economics) , production function , investment (military) , capital (architecture) , econometrics , function (biology) , capital investment , regression analysis , variable (mathematics) , cobb–douglas production function , simple (philosophy) , simple linear regression , variables , linear regression , microeconomics , mathematics , statistics , finance , history , mathematical analysis , philosophy , archaeology , epistemology , evolutionary biology , politics , biology , political science , law
The relationship between research and commercial operation is examined in terms of production using a simple Cobb‐Douglas production function, where output is expressed in terms of inputs of labour, capital and‘technical progress’. The model was tested in a single company environment by multiple regression analysis of output as the dependent variable on various measures of research, labour and capital. The results of the regression analysis are in full agreement with the model as outlined and the assumption that output is dependent simultaneously on labour, capital and the cumulative research investment.