| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3813 |
| DP3813 Using and Abusing Economic Theory | |
| Paul Klemperer | |
| 发表日期 | 2003-03-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper discusses the role of public policy towards the venture capital industry. The model emphasises four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, simultaneous entrepreneurial effort and managerial advice subject to double moral hazard, and mark-up pricing when the successful firm introduces a new good. The Paper derives an optimal policy that succeeds to implement a first best allocation in decentralized equilibrium. It also considers short- and long-run comparative static and welfare effects of piecemeal reform with regard to the capital gains tax, innovation subsidy, public R&D spending and other policy initiatives. |
| 主题 | Public Economics |
| 关键词 | Innovation Venture capital Double moral hazard Public policy |
| URL | https://cepr.org/publications/dp3813 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532805 |
| 推荐引用方式 GB/T 7714 | Paul Klemperer. DP3813 Using and Abusing Economic Theory. 2003. |
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