Giordani, Paolo E.; Zamparelli, Luca - Dipartimento di Economia e Finanza (DEF), Libera … - 2009
In R&D-driven growth models with asymmetric fundamentals the steady-state equilibrium R&D investments are industry-specifc and they are such that R&D returns are equalized across industries. Return equalization, however, makes investors indifferent as to where to target research and, hence, the...