Scandinavian Working Papers in Economics

Discussion Papers,
Statistics Norway, Research Department

No 635: Knowledge spillovers and the timing of R&D policy

Geir H. Bjertnæs, Tom-Reiel Heggedal and Karl Jacobsen ()
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Karl Jacobsen: Statistics Norway

Abstract: We analyze how knowledge spillovers influence the optimal timing of R&D policy. Using numerical simulations we find that optimal subsidies to R&D may be rising over time even when the returns to knowledge is decreasing. The optimal time profile of the subsidies is determined by the elasticity of scale in the R&D production function, which again depends on both the returns to knowledge and the returns to labor.

Keywords: Innovation policy; R&D; Technological spillovers

JEL-codes: O32; O38 November 2010

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