Measuring the Private and Social Returns to R&D: Unintended Spillovers versus Technology Markets
构建了一个框架，同时考虑溢出和技术市场中的自愿转移来衡量研发的私人和社会回报，利用美国上市公司数据发现考虑市场渠道会缩小社会与私人回报的差距，表明技术市场交易有显著收益。
The canonical approach to measuring private and social returns to R&D assumes diffusion through spillovers. We develop a general framework that allows R&D to diffuse through both spillovers and voluntary technology transfers. To operationalize the framework, we create a data set of interactions in the market for technology between publicly held US firms. We use changes in tax incentives for R&D to identify causal effects. Taking market channels into account decreases the observed difference between social and private returns to R&D as compared with the canonical approach. The analysis suggests significant gains from trade in markets for technology.