The R&D incentives of industry leaders

• 成果类型: Article
• 署名作者: Segerstrom, PS; Zolnierek, JM
• 署名单位: Michigan State University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/1468-2354.00038
• 发表日期: 1999
• 页码: 745-766
• 关键词: economic-growth; technological-change; KNOWLEDGE; MODEL

摘要

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.