Dr Paul Temple
Paul Temple graduated from Cambridge University in 1973 and obtained an MA (Econ) from Manchester in 1975; in 2009 he was awarded a PhD from Cambridge on the basis of his published research. He has worked in a variety of academic posts, and taught in both the UK and US up until 1989. After that he worked as an Economic Adviser to the National Economic Development Council, working on issues such as labour market performance and international competitiveness. In 1993 he was appointed as Research Fellow in the Centre for Business Strategy, London Business School, studying a variety of topics related to Britain's economic performance - including investment, innovation, and the role of standards in promoting international competitiveness. He joined the School of Economics at Surrey in 1997, and was promoted to Reader in 2007.
His recent research at Surrey has included work relating to physical investment and the economics of technological change and innovation, especially in relation to standards. He also has interests in business and technological history. His publications include editorship of Britain's Economic Performance; Investment, Growth, and Employment; Critical Perspectives: Mergers and Acquisitions. He has also published articles in various journals including the Economic Journal, Oxford Economic Papers, The Journal of Business and Economic Statistics, the International Journal of Industrial Organization, Cambridge Journal of Economics and the Economic History Review.
Professor Ciaran Driver, School of African and Oriental Studies (investment and Britain's economic performance)
Dr Christopher Spencer, Loughborough University and Shimomura Fellow, Research Institute of Capital Formation, Development Bank of Japan (standardization and productivity growth)
Dr Ray Lambert, Associate Research Fellow, Department of Management, Birkbeck, University of London
- Applied economics
- The economics of international business competitiveness
- Business History
Module review administration
associated with measurement activity plays a role in determining the ability of firms to
differentiate their products, making them more marketable, and hence promoting intra-industry
trade. We observe that public support for the measurement infrastructure is an important
element of public support for industry, while publicly available technical standards provide a
significant means by which firms make use of this infrastructure. As an empirical test for the
importance of the measurement infrastructure, we consider bi-lateral intra-industry trade flows
between economies in the EU and find that both a measure of the cross industry importance of
the measurement infrastructure ? as proxied by standards - as well as the degree of investment in
the ability to measure ? as proxied by the use of instruments ? are important correlates of intraindustry
trade. The econometric analysis suggests that differences in national measurement
infrastructures continue to play an important role in determining EU trade flows.
developed in which economic activities, based on measurement and an associated
measurement infrastructure, play a role in creating product variety. The paper
discusses how the measurement infrastructure which includes institutions conducting
metrological research and standard setting organization reduces transactions
costs, especially in markets where differences in product characteristics are
important. The theoretical analysis focuses on the public good characteristics of the
measurement infrastructure, considering how the infrastructure impacts upon trade
in a model based upon product differentiation under monopolistic competition. In
the econometric analysis, indicators of the strength of the infrastructure within the
EU, both across industries and across countries, suggest that measurement activities
are important in determining the extent of bi-lateral EU intra-industry trade. Despite
many common elements in the measurement infrastructure across the EU, there is
also some evidence of differential access to the infrastructure among EU members.
from uncertainty to fixed investment suggested by real options theory.
Using panel data from the Confederation of British Industry (CBI) Industrial
Trends Survey, we report OLS estimates of the impact of uncertainty
on investment where the regressors are augmented by cross-sectional averages
of the dependent variable and of the individual specific regressors,
as recently suggested by Pesaran (2004). The cross-industry pattern of results
is checked for consistency with the pattern predicted by real options
theory, using a specially constructed data set of industrial characteristics.
We find that irreversibility is able to predict the pattern detected, but
only when combined with a measure of the information advantage of delay.
There is also evidence for expansion options effects; industries with
high R&D and advertising intensities tend to have positive uncertainty
capital investment appraisal that differ from discount rates. Using a sample of business units
from the PIMS data bank of North American companies we find that hurdle rates are frequently
below and also frequently above matched data on discount rates. Using multinomial logit
analysis we find that variables representing the opportunity for strategic investment or the
motivation for such investment increase the probability of managerial or strategic behaviour. We
also find evidence for an irreversibility effect.
standards bodies and long run economic growth, exploring the relationship in the
context of the UK and the British Standards Institution (BSI). We suggest that standards
provide a key enabling mechanism for the widespread diffusion of major technologies,
while being generally supportive of incremental innovation and general technological
understanding. In order to further understanding of this mechanism we measure the
?output? of the BSI by estimating the size of the BSI ?catalogue? available to the economy
since its inception in 1901. The measure allows us to estimate an augmented production
function for the UK economy over the period 1948-2002. Within a co-integrating
framework, we find a statistically significant and unique co-integrating vector between
labour productivity, the capital-labour ratio, exogenous technological progress and the
BSI catalogue. The long-run elasticity of labour productivity with respect to the standards
stock is estimated to be about 0.05, so that the rapid growth of the catalogue in the postwar
period is associated with about 13% of the aggregate growth in labour productivity.
through the British Standards Institution (BSI) and its contribution to learning and
productivity growth. It discusses the contribution of professional engineers to the model?s
introduction, its extension at home and imitation overseas, arguing that by 1931 the BSI
catalogue of standards represented a considerable stock of codified knowledge whose
growth reflected underlying aggregate technological advance. To validate this claim we
incorporate a measure of the BSI catalogue of standards into an econometric model of
productivity growth in Britain. However, caution is required in the interpretation of this
equations as a way of testing real option theory,
& machinery and building for a large sample of UK manufacturing industries. It exploits the
different degree of irreversibility that characterises these assets to test the power of real
options theory to explain investment under uncertainty. Additionally, the paper uses a
specially constructed industry-specific measure of irreversibility for plant and machinery
investment to test for real options effects within that class of investment.