efficiency; provides further insight into why Open Source Software is a successful model of innovation and development in digital …

endogenous share opts for innovation and faces credit constraints in the subsequent expansion phase. We emphasize four results …: (i) R&D subsidies not only encourage innovation but also relax finance constraints and help innovative firms to exploit … investment of constrained firms by reducing free cash-flow and thereby discourage innovation. (iii) A revenue neutral increase in …

regard to the capital gains tax, innovation subsidy, public R&D spending and other policy initiatives. …

Many cultural products have the same non-rival nature as scientific knowledge. They therefore face identical … creativity. Markets for intellectual assets protected by IP rights can produce too much or too little innovation. …