The debate about whether culture should be subsidized or not is far from being recent, and though problems and approaches vary across countries, most governments are in favour of supporting the arts in one way or the other. The literature considers several arguments in favour of such subsidies....

This paper examines the stability of research joint venture when the success of innovative activities is uncertain. While an increase in the likelihood of making a discovery provides firms with an incentive to cooperate, there is a competing incentive to conduct R&D independently. Should the RJV...