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Social Insurance And The Design Of Innovation Incentives, Darius Noshir Lakdawalla, Neeraj Sood
Social Insurance And The Design Of Innovation Incentives, Darius Noshir Lakdawalla, Neeraj Sood
Darius N. Lakdawalla
We consider the insurance aspects of research policy. Patents or rewards have an advantage over research subsidies when a new invention replaces an existing good at lower cost. Research subsidies have an advantage when inventions spawn an entirely new product.