Why industrial policies fail: limited commitment
分析动态模型中政府承诺能力有限时，产出补贴与投资补贴的战略效果差异：产出补贴在承诺期消失时仍有效，而投资补贴可能完全失效。
The strategic effects of subsidies on output and subsidies on investment differ substantially in dynamic models where a government's commitment ability is limited. Output subsidies remain effective even as the period of commitment vanishes, but investment subsidies may become completely ineffective. This difference has been obscured because most existing models of strategic trade policy are static.