From local to global: A theory of public basic research in a globalized world
研究了多国多行业环境下公共基础研究的投资效率，发现全球投资不足、过度集中于工业化国家，且对复杂高科技产业支持不够，为国际协调和政策干预提供了理论依据。
We analyze public basic research in a multi-country, multi-industry environment with international trade. Basic research generates ideas, which firms take up in applied research to develop new varieties. A country’s specialization in international trade thus determines which ideas can be commercialized domestically. We demonstrate that the equilibrium is consistent with key empirical patterns. We then show that national investments may cause inefficiencies along three dimensions: (1) There is typically too little total investment in basic research. (2) Basic research is too heavily concentrated in industrialized countries. (3) Basic research may not be sufficiently directed to support innovation in complex, high-tech industries. These inefficiencies can rationalize international coordination of basic research investments or support policies such as the Bayh Dole Act.