文章基本信息

标题：Strategic R and D investments with uncertainty
本地全文：下载
作者：Toshihiro Matsumura
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2003
卷号：12
出版社：Economics Bulletin
摘要：I introduce uncertainty into the model of strategic cost-reducing R and D investments and reexamine welfare implications. I discuss two models. In one model an increase in expenditure decreases production costs when R\&D succeeds, and in the other model it increases probability of success. I show that two models yield completely different implications for tax-subsidy policies on R and D investments. In the former model equilibrium investment level is always too low from the viewpoint of social welfare, while in the latter model it can be either too low or too high and relatively risky (safe) investments should be subsidized (taxed).
关键词：production substitution