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This paper examines the role of multinational corporations (MNCs) as the creator and diffuser of new and superior technologies. If these firms fulfil this attributed role, then they are expected to generate some spillovers to ...

This paper investigates the potential impact of increased business R&D efforts in Europe on the total factor productivity gap between European and U.S. industry. The paper addresses Europe’s ambition, expressed at the 2000 Lisbon Summit ...

I discuss and compare alternative approaches to integrating bounded rationality with the theory of economic organization, concentrating on the organizational capabilities approach, which is strongly influenced by the works of Nelson and Winter..

Evolutionary theories of technological change and industrial dynamics give primary importance to interaction between heterogeneous agents, endowed with complementary assets and competencies. Accordingly, support to co-operative R&D is central to technology policy, as a mean ...

The purpose of this paper is to obtain a fractional Black-Scholes formula for the price of an option for every t in [0,T], a fractional Black-Scholes equation and a risk-neutral valuation theorem if the underlying ...