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Measuring the Private and Social Returns to R&D: Unintended Spillovers versus Technology Markets

Author

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  • Pere Arqué-Castells
  • Daniel F. Spulber

Abstract

The canonical approach to measuring private and social returns to R&D assumes diffusion through spillovers. We develop a general framework that allows R&D to diffuse through both spillovers and voluntary technology transfers. To operationalize the framework, we create a data set of interactions in the market for technology between publicly held US firms. We use changes in tax incentives for R&D to identify causal effects. Taking market channels into account decreases the observed difference between social and private returns to R&D as compared with the canonical approach. The analysis suggests significant gains from trade in markets for technology.

Suggested Citation

  • Pere Arqué-Castells & Daniel F. Spulber, 2022. "Measuring the Private and Social Returns to R&D: Unintended Spillovers versus Technology Markets," Journal of Political Economy, University of Chicago Press, vol. 130(7), pages 1860-1918.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/719908
    DOI: 10.1086/719908
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    Cited by:

    1. Dumont, Michel, 2022. "Public support to business research and development in Belgium: fourth evaluation," MPRA Paper 115418, University Library of Munich, Germany.
    2. Byun, Seong K. & Oh, Jong-Min & Xia, Han, 2023. "R&D tax credits, technology spillovers, and firms' product convergence," Journal of Corporate Finance, Elsevier, vol. 80(C).

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