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countries (Israel, Poland, Germany, France, Spain and Singapore), and two regions (Greater Toronto and ZhiangJiang Technology …
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We reconsider the justifications of R&D subsidies by Spencer and Brander (1983) and others by allowing firms to pool R&D investments and license innovations. In equilibrium R&D joint ventures are formed and licensing occurs in a way that eliminates the strategic benefits of R&D investment in the...
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