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Optimal Taxation and R&D Policies

Author

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  • Stefanie Stantcheva

    (Harvard University)

Abstract

We study the optimal design of firm taxation and R&D subsidies in a dynamic model in which the returns to R&D investment by firms are heterogeneous across firms and uncertain over time. A firm's quality and risky returns are private information. We use a mechanism design approach to solve for the optimal taxation of firms and R&D policies over the firms' life cycle. We highlight the crucial parameters and elasticities that determine the sign and magnitude of the optimal policies. We calibrate the model to U.S. firm data to quantitatively illustrate the evolution of the optimal taxes and subsidies over firms' life cycles. Finally, we evaluate the performance of simpler tax and subsidy instruments, namely linear taxes and R&D subsidies, size-dependent, or firm age-dependent policies.

Suggested Citation

  • Stefanie Stantcheva, 2015. "Optimal Taxation and R&D Policies," 2015 Meeting Papers 1533, Society for Economic Dynamics.
  • Handle: RePEc:red:sed015:1533
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    Cited by:

    1. Saul Lach & Zvika Neeman & Mark Schankerman, 2021. "Government Financing of R&D: A Mechanism Design Approach," American Economic Journal: Microeconomics, American Economic Association, vol. 13(3), pages 238-272, August.
    2. Ufuk Akcigit & Douglas Hanley & Nicolas Serrano-Velarde, 2021. "Back to Basics: Basic Research Spillovers, Innovation Policy, and Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(1), pages 1-43.
    3. Stefanie Stantcheva, 2020. "Dynamic Taxation," Annual Review of Economics, Annual Reviews, vol. 12(1), pages 801-831, August.
    4. Steve Raymond & Lukas Schmid & Anastasios Karantounias & Mariano Croce, 2017. "A Tax Plan for Endogenous Innovation," 2017 Meeting Papers 109, Society for Economic Dynamics.
    5. Teodora Borota & Fabrice Defever & Giammario Impullitti, 2019. "Innovation union: Costs and benefits of innovation policy coordination," Discussion Papers 2019-14, University of Nottingham, GEP.
    6. Mark Schankerman & Florian Schuett, 2022. "Patent Screening, Innovation, and Welfare," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(4), pages 2101-2148.
    7. Alex Bell & Raj Chetty & Xavier Jaravel & Neviana Petkova & John Van Reenen, 2019. "Who Becomes an Inventor in America? The Importance of Exposure to Innovation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(2), pages 647-713.
    8. Ugur, Mehmet & Trushin, Eshref, 2018. "Asymmetric information and heterogeneous effects of R&D subsidies: evidence on R&D investment and employment of R&D personel," Greenwich Papers in Political Economy 21943, University of Greenwich, Greenwich Political Economy Research Centre.
    9. Peter Spencer & Peter Smith & Paulo Santos Monteiro, 2020. "How to better align the U.K.’s corporate tax structure with national objectives," Discussion Papers 20/02, Department of Economics, University of York.
    10. van der Geest, Jesse, 2024. "Economic effects of tax avoidance and compliance," Other publications TiSEM aaca33bf-975d-4e21-9b5f-5, Tilburg University, School of Economics and Management.
    11. Ahlvik, Lassi & van den Bijgaart, Inge, 2024. "Screening green innovation through carbon pricing," Journal of Environmental Economics and Management, Elsevier, vol. 124(C).
    12. Galina Besstremyannaya & Richard Dasher & Sergei Golovan, 2018. "Growth through acquisition of innovations," Working Papers w0247, New Economic School (NES).
    13. Ilhan Guner, 2023. "Growth and Welfare Implications of Sector-Specific Innovations," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 204-245, January.
    14. Nina Weber, 2023. "Prosocial Risk-Taking: Growing the Pie or Increasing your Slice?," ifo Working Paper Series 399, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    15. Bronwyn H. Hall, 2020. "Tax Policy for Innovation," NBER Chapters, in: Innovation and Public Policy, pages 151-188, National Bureau of Economic Research, Inc.
    16. Ufuk Akcigit, 2017. "Innovation and Trade Policy in a Globalizing World," 2017 Meeting Papers 1627, Society for Economic Dynamics.
    17. Gordon, Roger H & Sarada,, 2017. "How Should Taxes Be Designed to Encourage Entrepreneurship?," University of California at San Diego, Economics Working Paper Series qt86z3h4n4, Department of Economics, UC San Diego.
    18. Ábrahám, Árpád & Gottardi, Piero & Hubmer, Joachim & Mayr, Lukas, 2023. "Tax wedges, financial frictions and misallocation," Journal of Public Economics, Elsevier, vol. 227(C).
    19. Sabien Dobbelaere & Michael D. König & Andrin Spescha & Martin Wörter, 2023. "R&D Decisions and Productivity Growth: Evidence from Switzerland and the Netherlands," Tinbergen Institute Discussion Papers 23-080/VI, Tinbergen Institute.
    20. Ufuk Akcigit & Stefanie Stantcheva, 2020. "Taxation and Innovation: What Do We Know?," NBER Chapters, in: Innovation and Public Policy, pages 189-212, National Bureau of Economic Research, Inc.
    21. Dobbelaere, Sabien & König, Michael D. & Spescha, Andrin & Wörter, Martin, 2024. "R&D Decisions and Productivity Growth: Evidence from Switzerland and the Netherlands," IZA Discussion Papers 17026, Institute of Labor Economics (IZA).
    22. Gordon, Roger & Sarada,, 2018. "How should taxes be designed to encourage entrepreneurship?," Journal of Public Economics, Elsevier, vol. 166(C), pages 1-11.
    23. Ufuk Akcigit & John Grigsby & Tom Nicholas & Stefanie Stantcheva, 2018. "Taxation and Innovation in the 20th Century," NBER Working Papers 24982, National Bureau of Economic Research, Inc.
    24. Galina Besstremyannaya & Richard Dasher & Sergei Golovan, 2019. "Growth through acquisition of innovations," Working Papers w0247, Center for Economic and Financial Research (CEFIR).
    25. Charles Delmotte, 2021. "Simple rules and the Political Economy of Income Taxation: the strengths of a uniform expense rule," European Journal of Law and Economics, Springer, vol. 52(2), pages 323-339, December.

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    More about this item

    JEL classification:

    • H0 - Public Economics - - General
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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