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A Theoretical Analysis of Public Funding for Research
A Theoretical Analysis of Public Funding for Research
macro
macro
}
}
basic and applied research
basic and applied research
model
model
results
results
the model
the model
for a type institution, let
for a type institution, let
=1
=1
payoff functions
payoff functions
preliminaries
preliminaries
is decreasing
is decreasing
perfect information
perfect information
perfect information
perfect information
perfect information
perfect information
asymmetric information I
asymmetric information I
asymmetric information II
asymmetric information II
asymmetric information II
asymmetric information II
asymmetric information II
asymmetric information II
asymmetric information II: the government’s problem
asymmetric information II: the government’s problem
asymmetric information II: the government’s problem
asymmetric information II: the government’s problem
solution
solution
solution
solution
solution
solution
solution
solution
solution: High social value of applied research
solution: High social value of applied research
solution: High social value of applied research
solution: High social value of applied research
solution: High social value of applied research
solution: High social value of applied research
implementation
implementation
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
solution: High social value of applied research
solution: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
implementation: High social value of applied research
a
a
2. implementation: Low social value of applied research
2. implementation: Low social value of applied research
2. implementation: Low social value of applied research
2. implementation: Low social value of applied research
Thanks
Thanks
solution
solution
solution: low social value of applied research
solution: low social value of applied research
solution: low social value of applied research
solution: low social value of applied research
solution: low social value of applied research
solution: low social value of applied research

Презентация на тему: «A Theoretical Analysis of Public Funding for Research». Автор: Gianni De Fraja. Файл: «A Theoretical Analysis of Public Funding for Research.ppt». Размер zip-архива: 596 КБ.

A Theoretical Analysis of Public Funding for Research

содержание презентации «A Theoretical Analysis of Public Funding for Research.ppt»
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1 A Theoretical Analysis of Public Funding for Research

A Theoretical Analysis of Public Funding for Research

Gianni De Fraja University of Leicester, Universit? di Roma ‘Tor Vergata’ and CEPR

Higher School of Economics – Moscow 29 march 2012

This paper studies government funding for scientific research. Funds must be distributed among different research institutions and allocated between basic and applied research. Informational constraints prevent less productive institutions to be given any government funding. In order to internalise the beneficial effects of research, the government requires the most productive institutions to carry out more applied research than they would like. Funding for basic research is used by the government to this end.

2 macro

macro

lots of government money spent on R&D

micro

way to pay for R&D who to pay for R&D what type of R&D

0.8% in OECD 0.2% in Mexico, 1.1% in Spain

3 }

}

way to pay for R&D who to pay for R&D what type of R&D

one third

two thirds

many different institutions

research grants: the top 25 universities received 85% quality related funding: the top 25 universities received 75%

basic vs applied research

one fifth is basic research

some funding linked to specific projects (research grant) some funding given to institutions (block grant) some funding as a reward for past success.

4 basic and applied research

basic and applied research

driven by scientists’ curiosity, its aim to acquire knowledge for knowledge’s sake

designed to solve practical problems

Moody (1995) on the CD Haustein (2009) on the sat-nav Edelson (1992) on tiling and superconductors du Satoy (2003) on Riemann hypothesis and credit card security

NSF: “basic research is defined as systematic study directed toward fuller knowledge or understanding of the fundamental aspects of phenomena and of observable facts without specific applications towards processes or products in mind.”

NSF: “applied research is defined as systematic study to gain knowledge or understanding necessary to determine the means by which a recognized and specific need may be met.”

5 model

model

link between basic and applied research

government has information disadvantage

government finances institutions no difference between private and public institutions (Aghion et al. 2008)

government internalises externality no individual externality (as in R&D done by firms) (Stephan 1996)

hierarchical

more diffuse uncertainty

for an applied research project, the benefits can be ex-ante described, and ex-post measured

6 results

results

inefficiency determined by information disadvantage

basic research used as a reward for doing applied research

research is inefficiently concentrated

funding: better institutions receive more grants, and less block funding

funding: full economic costing a bad idea; cost sharing (co-funding) is preferable

7 the model

the model

continuum of research institutions.

cost of converting funding into results.

8 for a type institution, let

for a type institution, let

for society as a whole, let

amount of applied research it does

amount of basic research it does

total amount of applied research

total amount of basic research

9 =1

=1

effect of research

applied research increases GDP

basic research decreases cost of applied research

a given basic project has no effect on a given project (basic or applied). diffuse

10 payoff functions

payoff functions

institutions

government

satisfying: for every

11 preliminaries

preliminaries

individually efficient applied research

lower

12 is decreasing

is decreasing

13 perfect information

perfect information

14 perfect information

perfect information

the aggregate marginal cost of doing applied research is the same as the marginal benefit.

the marginal cost of doing applied research is the same in every institution.

efficient

better institutions do more applied research

it does not matter who does basic

15 perfect information

perfect information

overall budget

?

16 asymmetric information I

asymmetric information I

the government cannot observe basic research why? the institution can “hide” it. the government can only observe - a minimum level of applied research - total research expenditure Cor: If the government can observe , then exactly the same as with perfect information

16

17 asymmetric information II

asymmetric information II

if the government cannot observe basic research & the government cannot observe

the above is not possible

each institution has a marginal cost of applied research higher than the marginal cost of basic research

17

18 asymmetric information II

asymmetric information II

use revelation principle ask each institution to reveal its productivity commit to a policy as a function of the report it is not possible to increase payoff relative to the best policy which ensures truth-telling

18

19 asymmetric information II

asymmetric information II

Prop: A policy is incentive compatible if: (i) (ii) (iii) (iv)

must be decreasing

19

20 asymmetric information II: the government’s problem

asymmetric information II: the government’s problem

subject to:

21 asymmetric information II: the government’s problem

asymmetric information II: the government’s problem

subject to:

22 solution

solution

define two functions:

by:

by:

22

23 solution

solution

23

24 solution

solution

24

25 solution

solution

is large

Prop:

26 solution: High social value of applied research

solution: High social value of applied research

?

?

?

?

27 solution: High social value of applied research

solution: High social value of applied research

Cor:

?

?

28 solution: High social value of applied research

solution: High social value of applied research

?

?

?

?

29 implementation

implementation

the only thing observed is the amount of applied research

a link between a target amount of applied research carried out and the total amount of funding an institution receives

30 implementation: High social value of applied research

implementation: High social value of applied research

?

?

31 implementation: High social value of applied research

implementation: High social value of applied research

very high cost institution.

?

?

a

?

?

?

-type institution

B

32 implementation: High social value of applied research

implementation: High social value of applied research

middle cost institution.

?

?

a

?

?

?

-type institution

B

A

33 implementation: High social value of applied research

implementation: High social value of applied research

low cost institution.

?

?

a

?

?

?

-type institution

A

C

34 solution: High social value of applied research

solution: High social value of applied research

?

?

?

?

35 implementation: High social value of applied research

implementation: High social value of applied research

very high cost institution.

?

?

a

?

?

?

-type institution

B

36 implementation: High social value of applied research

implementation: High social value of applied research

middle cost institution.

?

?

a

?

?

?

B

A

37 implementation: High social value of applied research

implementation: High social value of applied research

low cost institution.

?

?

a

?

?

?

B

C

A

38 a

a

?

The end. 1. full economic costing?

marginal cost of applied research

marginal funding for applied research

39 2. implementation: Low social value of applied research

2. implementation: Low social value of applied research

is (well) below 1

40 2. implementation: Low social value of applied research

2. implementation: Low social value of applied research

is (well) below 1

?

a

?

?

41 Thanks

Thanks

42 solution

solution

42

43 solution: low social value of applied research

solution: low social value of applied research

?

?

?

?

44 solution: low social value of applied research

solution: low social value of applied research

?

?

?

?

45 solution: low social value of applied research

solution: low social value of applied research

?

?

?

?

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