Public Investment and Industry Incentives in Life‐Science Research
利用动态投资响应模型，分析政府公共投资对产业生命科学研究努力和成功的影响，发现公共投资与私人投资高度互补，但政府竞争稀缺研究资源会部分抵消溢出效应。
Abstract Life‐science research has shifted rapidly from the public to the private sector, raising questions about government's remaining role. We shed light on the issue by employing a dynamic investment‐response model to examine the public's impact on industry life‐science research effort and success. We find that government expenditures in both basic biological research and agricultural and medical science create substantial spillovers for private firms. The spillovers are, unfortunately, partly nullified by government competition for scarce research inputs. Yet even after accounting for such competition, public investment has been strongly complementary to private investment. Indeed, opportunities created through public research are the principal source of growth in industry life sciences.