Estimating Idea Production: A Methodological Survey

27 Pages Posted: 15 May 2024

Date Written: May 14, 2024

Abstract

Accurately modeling the production of new ideas is crucial for innovation theory and endogenous growth models. This paper provides a comprehensive methodological survey of strategies for estimating idea production functions. We explore various methods, including naive approaches, linear regression, maximum likelihood estimation, and Bayesian inference, each suited to different data availability scenarios. Through case studies ranging from total factor productivity to software R\&D, we show how to apply these methodologies in practice. Our synthesis provides researchers with guidance on strategies for characterizing idea production functions and highlights obstacles that must be addressed through further empirical validation.

Keywords: Econometrics

JEL Classification: C11, C13, C18, C80

Suggested Citation

Erdil, Ege and Besiroglu, Tamay and Ho, Anson, Estimating Idea Production: A Methodological Survey (May 14, 2024). Available at SSRN: https://ssrn.com/abstract=4814445 or http://dx.doi.org/10.2139/ssrn.4814445

Ege Erdil

Epoch AI ( email )

530 Divisadero St. PMB #796
San Francisco, CA 94117
United States

Anson Ho

Epoch AI ( email )

530 Divisadero St. PMB #796
San Francisco, CA 94117
United States

HOME PAGE: http://https://epochai.org/

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