TY - JOUR
T1 - Graduate education and long-term inventive performance
T2 - Evidence from undergraduates' choices during recessions
AU - Onishi, Koichiro
AU - Nagaoka, Sadao
N1 - Funding Information:
Financial support from JSPS KAKENHI (Grant Numbers JP15K03486 and JP26285055) is gratefully acknowledged. We also acknowledge gratefully the constructive comments received from two anonymous referees and editors, Adam Jaffe, Shoko Haneda, Hidehiko Ichimura, Masayo Kani, Masatoshi Kato, Yoichiro Nishimura, Hiroyuki Odagiri, Yoshimi Okada, Yosuke Okada, Jun Suzuki, Naotoshi Tukada, Tetsuo Wada, Isamu Yamauchi, Makoto Yano, and the other participants in the RIETI seminar and in the session of the European Association for Research in Industrial Economics (EARIE). We also gratefully thank Norimasa Sugiyama, who constructed the database of Ph.D. holders.
Funding Information:
Financial support from JSPS KAKENHI (Grant Numbers JP15K03486 and JP26285055) is gratefully acknowledged. We also acknowledge gratefully the constructive comments received from two anonymous referees and editors, Adam Jaffe, Shoko Haneda, Hidehiko Ichimura, Masayo Kani, Masatoshi Kato, Yoichiro Nishimura, Hiroyuki Odagiri, Yoshimi Okada, Yosuke Okada, Jun Suzuki, Naotoshi Tukada, Tetsuo Wada, Isamu Yamauchi, Makoto Yano, and the other participants in the RIETI seminar and in the session of the European Association for Research in Industrial Economics (EARIE). We also gratefully thank Norimasa Sugiyama, who constructed the database of Ph.D. holders.
Publisher Copyright:
© 2020 Wiley Periodicals LLC
PY - 2020/7/1
Y1 - 2020/7/1
N2 - Using individuals' life-cycle invention data, we investigate how graduate education affects inventive performance and inventors' abilities to absorb and combine diverse knowledge sources. To control for the endogeneity of educational choice, we use the status of college labor markets as an instrumental variable (IV), specifically the difference between the unemployment rate and its long-run average rate by academic field. We find that graduate education, induced by the IV, significantly enhances inventive performance and the scope of exploited knowledge, exceeding the levels implied by ordinary least squares. Graduate education can have a significant causal effect on inventive capability and performance.
AB - Using individuals' life-cycle invention data, we investigate how graduate education affects inventive performance and inventors' abilities to absorb and combine diverse knowledge sources. To control for the endogeneity of educational choice, we use the status of college labor markets as an instrumental variable (IV), specifically the difference between the unemployment rate and its long-run average rate by academic field. We find that graduate education, induced by the IV, significantly enhances inventive performance and the scope of exploited knowledge, exceeding the levels implied by ordinary least squares. Graduate education can have a significant causal effect on inventive capability and performance.
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U2 - 10.1111/jems.12382
DO - 10.1111/jems.12382
M3 - Article
AN - SCOPUS:85086444191
SN - 1058-6407
VL - 29
SP - 465
EP - 491
JO - Journal of Economics and Management Strategy
JF - Journal of Economics and Management Strategy
IS - 3
ER -
