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on Project, Program and Portfolio Management |
| By: | Jean-Michel Benkert, Igor Letina |
| Abstract: | We provide a model of investment in innovation that is dynamic, features multiple heterogeneous research projects of which only one potentially leads to success, and in each period, the researcher chooses the set of projects to invest in. We show that if a search for innovation starts, it optimally does not end until the innovation is found—which will be never with a strictly positive probability. |
| Keywords: | Innovation, Optimal Search, Infinite Horizon |
| JEL: | D83 O31 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:ube:dpvwib:dp2410 |
| By: | RENTOCCHINI Francesco (European Commission - JRC); VEZZANI Antonio; MONTRESOR Sandro |
| Abstract: | We examine whether government sponsored R&D induces the development of clean technologies with a high impact on subsequent technological development. The analysis uses information on USPTO patents granted between 2005 and 2015 and combines different methods to control for possible sorting of projects into public funding and for non-random (public) treatment. We also assess the distributional effect of government sponsored R&D. Results show that patents from public funded projects have a significantly higher impact and that this is particularly true for highly cited patents, thus supporting a role for technology-push policies in determining a clean technological transition. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:wpaper:202301 |
| By: | Heyard, Rachel; Pawel, Samuel (University of Zurich); Frese, Joris; Voelkl, Bernhard; Würbel, Hanno (University of Bern); McCann, Sarah; Held, Leonhard; Wever, Kimberley E. PhD (Radboud university medical center); Hartmann, Helena (University Hospital Essen); Townsin, Louise |
| Abstract: | *Background:* Reproducibility is recognized as essential to scientific progress and integrity. Replication studies and large-scale replication projects, aiming to quantify different aspects of reproducibility, have become more common. Since no standardized approach to measuring reproducibility exists, a diverse set of metrics has emerged and a comprehensive overview is needed. *Methods:* We conducted a scoping review to identify large-scale replication projects that used metrics and methodological papers that proposed or discussed metrics. The project list was compiled by the authors. For the methodological papers, we searched Scopus, MedLine, PsycINFO andEconLit. Records were screened in duplicate against predefined inclusion criteria. Demographic information on included records and information on reproducibility metrics used, suggested or discussed was extracted. *Results:* We identified 49 large-scale projects and 97 methodological papers, and extracted 50 metrics. The metrics were characterized based on type (formulas and/or statistical models, frameworks, graphical representations, studies and questionnaires, algorithms), input required, and appropriate application scenarios. Each metric addresses a distinct question. *Conclusions:* Our review provides a comprehensive resource in the form of a “live”, interactive table for future replication teams and meta-researchers, offering support in how to select the most appropriate metrics that are aligned with research questions and project goals. |
| Date: | 2024–11–26 |
| URL: | https://d.repec.org/n?u=RePEc:osf:metaar:apdxk |
| By: | Cristiana Belu Manescu |
| Abstract: | Leveraging insights from the academic literature, this paper discusses the challenges and practical solutions in the planning of public investment projects and illustrates them with survey evidence from the EU Member States. The paper starts with strategic planning, which covers a 10-to-20-year planning horizon and can help to identify shared rather than competing goals across sectors and regions. It then moves to the appraisal and selection of large investment projects and discusses the benefits of multiple decision gates and external quality assurances. Finally, it outlines budgeting tools such as multi-annual commitment appropriations and multi-annual budgeting of capital and maintenance costs that bring clarity on the available resources and protect availability of capital during and beyond implementation. Each of these three stages is supported with available evidence from the EU Member States, which helps to identify good practices but also hints at areas for improvement. Overall, the analysis suggests there is much room for improvement across the EU in the early stages of planning as well as in terms of the use of long-term budgeting tools. |
| JEL: | H54 H82 H41 H3 E2 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:euf:dispap:213 |
| By: | Juergen Bitzer (University of Oldenburg, Department of Economics); C. Dannemann (University of Oldenburg, Department of Economics); Erkan Goeren (University of Oldenburg, Department of Economics) |
| Keywords: | Aid Effectiveness, Geo-Referenced Aid Projects, Economic Development, Economic Growth, Grid-Cell Analysis, GIS Data, Satellite Night-Time Light Data |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:old:dpaper:448 |
| By: | Dawid, Herbert (Center for Mathematical Economics, Bielefeld University); Riedel, Frank (Center for Mathematical Economics, Bielefeld University); Steg, Jan-Henrik (Center for Mathematical Economics, Bielefeld University); Wen, Xingang (Center for Mathematical Economics, Bielefeld University) |
| Abstract: | We study endogenous, credit-financed innovation under uncertainty in dynamic con- texts. In our model, a firm with limited cash reserves decides how much to invest in an R&D project, potentially using external financing. Investing more increases the proba- bility of a sooner innovation, but higher repayment obligations also increase bankruptcy risk if the innovation takes longer. We show that the firm reduces its investment dis- continuously if the financing cost is not favorable enough, in order to avoid the need for external financing. This insight implies that policies reducing financing costs can have discontinuous positive effects on investment, innovation rate and welfare. How- ever, policy measures increasing the effectiveness of R&D might reduce the innovation rate and welfare due to a discontinuous reduction of R&D investment. Furthermore, we find that low financing costs can lead to over-investment. The welfare loss from cash constraints is more severe for radical innovations compared to incremental ones. |
| Keywords: | Innovation, R&D investment, Cash constraints, Bankruptcy risk |
| Date: | 2024–12–09 |
| URL: | https://d.repec.org/n?u=RePEc:bie:wpaper:699 |
| By: | Bennardo, Alberrto (Department of Economics and Statistics - University of Salerno); Abatemarco, Antonio (CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy) |
| Abstract: | Managers perform two heterogenous set of tasks: coordination of production and information gathering activities; moreover, their monetary incentives commonly use few contractible signals. Why are these patterns so common ? Is the development of information markets going to generate Smithian specialization and promote decentralization of information gathering ? How is this going to affect managerial incentive schemes ? Our paper aims at making an initial step toward addressing all these issues within a simple multiple task set-up. We identify an informational complementarity, shaping all the main trade-offs of our analysis, which leads to the following results. First, monetary incentives for information gathering activities are optimally muted under mild conditions on actions' disutility, if the operational value of information is not "very large", or the implementation activity is very productive and very costly to incentivize. Second, public contractible information crowds-in information gathering within firms. Third, specialization by project, instead of by function, turns out to always be second best optimal in the absence of strong substitution e§ects across activities. Even in the presence of sizeable substitution e§ects, tasks' integration is still preferred, provided that the cost of incentivizing information gathering and/or the productivity of both activities are large enough. |
| Keywords: | Information gathering; multiple tasks; incentives; value of information |
| JEL: | D80 D86 |
| Date: | 2024–12–12 |
| URL: | https://d.repec.org/n?u=RePEc:sal:celpdp:0170 |
| By: | Kubin, Ingrid; Zörner, Thomas O. |
| Abstract: | We augment an overlapping generations endogenous credit cycle model with an environmental sector and study the interplay between fiscal and financial environmental regulation, which ultimately affects environmental quality, macroeconomic stability, and income distribution. We define environmental quality as the amount of pollution emitted, which can be regulated either by financial constraints on polluting projects (environmental haircuts) or by tax-financed investment in abatement and improvement technologies. We find that environmental haircuts and environmental taxes each affect emissions and income distribution in unique ways, with interaction effects that reveal trade-offs between economic stability, income, and environmental outcomes. Compared to scenarios in which only financial regulations are implemented, the introduction of a supplementary environmental tax on emissions maintains similar environmental standards, but leads to higher total income and capital per worker. However, this shift in income distribution favors green investors, while the older generation, which relies more on capital income, may experience an overall decrease in net income. |
| Keywords: | Green transition; environmental regulation; economic stability; income distribution; nonlinear model |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:wiw:wus005:69981137 |