Modeling the firm's response to research & development tax credit policies

In this article, we develop a microeconomic model of normative firm behavior under the incentive of a research and development (R&D) tax credit. The model is based on the well-known concept of a two-factor learning model in which R&D expenditures and manufacturing capacity expansion are the principle determinants of cost reduction in a new technology product. We distinguish between the behavior of start-up firms and ongoing firms and study the potential impacts of progressively larger R&D tax credits. We find highly significant differences in the potential impact of the credit on start-up firms versus ongoing firms. We also find that the credit can significantly impact optimal product pricing of the technology when introduced into the marketplace. We examine the implications of this latter fact on the overall social cost of the R&D tax credit.本文构建了研发（R&D）税收抵免激励下的厂商规范行为微观经济模型。该模型基于广为人知的双因素学习模型（two-factor learning model）框架，其中研发支出与制造产能扩张是新技术产品成本降低的核心决定因素。本文区分了初创厂商与存续厂商的行为差异，并探究了规模逐步提升的研发税收抵免的潜在影响。研究发现，研发税收抵免对初创厂商与存续厂商的潜在影响存在极为显著的差异。此外，本文还发现该税收抵免会显著影响新技术产品推向市场时的最优定价策略。本文还考察了该定价效应对研发税收抵免整体社会成本的影响。