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A computational analysis of R&D support programs

机译：研发支持计划的计算分析

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摘要

We compare two common government R&D support programs, R&D tax credits and direct R&D grants. To study their effectiveness and the extent to which their design matters, we analyze these programs within a dynamic equilibrium model of imperfectly competitive industries. Adopting comprehensive welfare measures that take into account government, producer and consumer surpluses, we find that both schemes exhibit positive social returns. Mid-range R&D-intensive sectors exhibit higher social returns than either high or low R&D-intensive sectors. Both incentive schemes generate positive measures of R&D input additionality of magnitudes consistent with empirical R&D research. However, R&D grants that require firms to allocate subsidy funds to R&D spur less R&D than a more flexible R&D tax credit. Subsidy schemes can even induce competing firms to over-spend on R&D, generating negative producer surplus and possibly negative social returns.
机译：我们比较了两个常见的政府R＆D支持计划，R＆D税收抵免和直接R＆D补助金。为了研究其有效性以及其设计重要性，我们在不完全竞争的行业的动态均衡模型中分析了这些程序。通过采取综合考虑政府，生产者和消费者剩余的福利措施，我们发现这两种方案都显示出积极的社会回报。中档研发密集型行业的社会回报高于研发密集型行业的高或低。两种激励方案都产生了与经验性R＆D研究相一致的，积极的R＆D投入附加性的量度。但是，相比于更灵活的研发税收抵免，要求企业向研发分配补贴资金的研发拨款刺激的研发活动较少。补贴计划甚至可能诱使竞争企业在研发方面投入过多，从而产生负的生产者剩余并可能产生负的社会回报。

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