Czarnitzki, Dirk; Toivanen, Otto - Directorate-General Economic and Financial Affairs, … - 2013
raises the importance of innovation policies as they are designed to narrow the gap between the socially optimal and the … privately optimal levels of R and D. As innovation policies may be subject to crowding-out effects, we, second, empirically test … investments in both countries. Furthermore, the estimated treatment effects vary with the innovation experience of firms and their …