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The R&D Incentives of Industry Leaders

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Author Info
Segerstrom, Paul S
Zolnierek, James M

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Abstract

This paper presents a model to explain why industry leader firms often devote substantial resources to R&D activities and explores the welfare implications of this investment. The key new assumption is that industry leaders can improve their own products more easily than can other firms. When industry leaders have R&D cost advantages, it is optimal for the government to subsidize the R&D expenditures of all firms, subsidize the production expenditures of industry leaders, and tax the profits of new industry leaders. Without government intervention, market forces generate too much creative destruction. Copyright 1999 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 40 (1999)
Issue (Month): 3 (August)
Pages: 745-66
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Handle: RePEc:ier:iecrev:v:40:y:1999:i:3:p:745-66

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  1. Gautier Duflos, 2006. "Persistence of innovation, technological change and quality-adjusted patents in the US pharmaceutical industry," Cahiers de la Maison des Sciences Economiques bla06029, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
    Other versions:
  2. Pedro Mazeda Gil & Óscar Afonso, 2008. "Technological-Knowledge Dynamics in Lab-Equipment Models of Quality Ladders," FEP Working Papers 283, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  3. repec:bep:maccon:v:7:y:2007:i:1:p:1215-1215 is not listed on IDEAS
  4. Segerstrom, Paul S., 1999. "Intel Economics," Working Paper Series 524, Research Institute of Industrial Economics.
    Other versions:
  5. Segerstrom, Paul S., 1998. "The Long-Run Growth Effects of R&D Subsidies," Working Paper Series 506, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
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