Sunk Costs, Extensive R&D Subsidies and Permanent Inducement Effects
利用西班牙制造业企业数据，估计了研发的固定成本和沉没成本，发现固定成本是更多企业进行研发的主要障碍；模拟显示一次性触发补贴能显著提高研发企业比例和平均研发支出，但效果在七年后完全消失。
Using firm‐level data on Spanish manufacturing firms we estimate a model of the firm's optimal R&D decisions (whether to perform R&D and how much to invest). We quantify the fixed (proper fixed costs plus firms' outside option) and sunk costs of R&D and find the former to be substantially higher than the latter. While sunk costs act as a barrier to entry into R&D for some firms, fixed costs are the binding obstacle for many more firms. Simulation based on the estimated model reveals that one‐shot trigger subsidies cause a substantial increase in both the share of R&D firms and average R&D expenditures. This effect shows persistence over time, but totally fades away after seven years as firms are gradually hit by negative R&D profitability shocks.