A General Model of R & D Competition and Policy
构建了一个异质性企业的研发模型，分析社会最优与市场均衡的差异，并讨论纠正性政策和战略性政策。
This article constructs a model of R&D with heterogeneous firms. Each firm's probability of success is a function of its sunk and recurrent R&D expenditures. The social gains from an innovation are not fully captured by the successful firm. The comparison of the social optimum and the market equilibrium involves balancing spillover and crowding effects. Pigovian corrective policies, as well as strategic policies for a subset of colluding firms, are discussed.