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Titel
Are public and private R&D investments complements or substitutes? / Anna Bohnstedt
VerfasserBohnstedt, Anna
ErschienenBochum [u.a.] : RWI, 2014
Umfang18 S. : graph. Darst.
SerieRuhr economic papers ; 485
SchlagwörterForschung und Entwicklung / Öffentliche Investition / Private Investition / Komplementär / Ersatz / Wohlfahrt / Online-Publikation
ISBN978-3-86788-551-5
URNurn:nbn:de:hbz:6:2-40302 
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Are public and private R&D investments complements or substitutes? [0.2 mb]
Zusammenfassung

We develop a general equilibrium model with heterogeneous firms à la Melitz (2003), where both the government and firms can invest into R&D to improve the countrys technological potential. A higher technological potential raises the average productivity of firms, thus implying lower consumer prices, and eventually leads to a welfare gain. The governments public and firms private investments are modelled in a three-stage game, in which the government in the first stage invests into a basic research level, and then firms conduct private R&D building on this publicly provided "technology" in the second stage. We find that private R&D investments are hump-shaped with respect to the basic research level. For lower levels public and private investments are complements, while for higher levels they are substitutes.

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