Cappelen, Ådne; Mohnen, Pierre A.; Raknerud, Arvid; … - 2023
This paper revisits the estimation of private returns to R&D. In an extension of the standard approach, we allow for … endogeneity of production decisions, heterogeneity of R&D elasticities, and asymmetric treatment of intramural and extramural R&D …. Our empirical analyses are based on an extended Cobb-Douglas production function that allows for firms with zero R&D …