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SUMMARY:WELFARE EFFECTS OF R&amp\;D SUPPORT POLICIES - Otto Toivanen\, Pro
 fessor in Economics\, Aalto University Business School.
DTSTART:20181121T130000Z
DTEND:20181121T140000Z
UID:TALK115024@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We conduct a welfare analysis of R&D subsidies and tax credits
  using a model of innovation policy incorporating externalities\, limited 
 R&D participation and financial market imperfections. \n\nWe estimate the 
 model using R&D project level data from Finland. The optimal R&D tax credi
 t rate (0.24) is lower than the average R&D subsidy rate (0.36). \n\nThe i
 ntensive\, not the extensive margin of R&D is important for policy. Tax cr
 edits and subsidies increase R&D investments and spillovers compared to la
 issez-faire but to levels below the first best. R&D support policies don't
  improve welfare.
LOCATION:Fadi Boustany Lecture Theatre\, Cambridge Judge Business School
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