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Figure 3: R&D Investment in the Flexible Regime where P;(t) is the probability that at time ¢t the most advanced innovation is exactly 7. In

Figure 3 R&D Investment in the Flexible Regime where P;(t) is the probability that at time ¢t the most advanced innovation is exactly 7. In

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incentive to select a law that leads to either overinvestment or underinvestment in R&D.
incentive to select a law that leads to either overinvestment or underinvestment in R&D.
Notice that the law ac enters (39) twice. The law has a direct effect on welfare: it multiplies the term in square brackets. Also, the law has an indirect effect through Z; in particular, recall that Z is increasing in ac.°*
Notice that the law ac enters (39) twice. The law has a direct effect on welfare: it multiplies the term in square brackets. Also, the law has an indirect effect through Z; in particular, recall that Z is increasing in ac.°*
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EconomicsPublic investment in R&DSocial Science Research NetworkOutput Growth
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