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A Note on Socially Optimal R&D Programs and Their Inducement

Author

Listed:
  • M. J. M. Posner

    (University of Toronto, Toronto, Ontario, Canada)

  • Dror Zuckerman

    (The Hebrew University of Jerusalem, Jerusalem, Israel)

Abstract

This paper considers optimal public policies regarding R&D programs in a random environment. For a stochastic R&D decision model without rivalry, we investigate and derive the privately and the socially optimal policies. The study focuses on the socially optimal R&D program and its inducement by governmental incentives. The appropriate instruments that should be employed in supporting R&D projects are examined. Our proposed R&D model provides a theoretical economic justification for public intervention in support of private R&D activities. Furthermore, some of the results shed light on practical issues in designing a functional and efficient R&D project support system.

Suggested Citation

  • M. J. M. Posner & Dror Zuckerman, 1992. "A Note on Socially Optimal R&D Programs and Their Inducement," Operations Research, INFORMS, vol. 40(3-supplem), pages 335-338, June.
    • Handle: RePEc:inm:oropre:v:40:y:1992:i:3-supplement-2:p:s335-s338
    DOI: 10.1287/opre.40.3.S335
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