The Social Value of New Technology
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The Social Value of New Technology

Edited by Albert N. Link and John T. Scott

New technologies, with their practical contributions, provide social value. The chapters in this volume view this social value from a program evaluation perspective, and the focus of the evaluations is the generation of new technology funded by public sector agencies. The authors provide important background on methodology and application and show that it is relevant not only to the established scholars and practitioners, but also to students.
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Chapter 12: Public gains from entrepreneurial research: Inferences about the economic value of public support of the Small Business Innovation Research program

Stuart D. Allen, Stephen K. Layson and Albert N. Link

Abstract

This article presents a systematic analysis of the net economic benefits associated with the Small Business Innovation Research (SBIR) program. We offer a derivation of producer and consumer surplus to estimate economic benefits. Fundamental to the implementation of these models is a specific value of the elasticity of demand, but in its absence we estimate what its value would be when the benefit-to-cost ratio associated with public support of the SBIR program equals unity. We infer from these calculations, and from general knowledge about the ability of SBIR-funded firms to exploit their monopoly position, that the SBIR program likely generates positive net economic benefits to society.

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