A fundamental problem for an economy based on a common property resource is the absence of a market to trade the resource. This implies that private costs are below social costs. This paper investigates possible government interventions that correct for such distortions in a neoclassical growth...

The private return to R&D appears to be lower than the social return. Consequently, the focus on R&D promoting policies has intensified. This paper investigates international spillover effects from country-specific R&D subsidies in an interdependent open economy model of identical countries. A...