Model of government support of R&D to an enterprise under uncertainty

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Abstract

The paper proposes a model for optimizing government support for research and development (R&D) prior to the implementation of an investment project in a real sector enterprise. Budget subsidies an enterprise for compensating part of R&D expenses, and deductions from the income tax base (with the certain coefficient) are considered as such support measures. After the R&D stage, an innovative project starts implementation only with some probability. The enterprise operates under uncertainty, its profits' flow is modeled by a stochastic process, and after the project implementation it changes to another stochastic process. The study of optimizing the support provided by the government to an enterprise for R&D is based on the principle of maximizing the expected integral budgetary effect from the operation of this enterprise. The control parameter is the index of government support for R&D, which characterizes the total direct and indirect budget expenditures (subsidies and lost tax revenue, respectively) per unit of R&D costs. The formula for the optimal government support index is explicitly derived. We analyze the dependence of this optimal index on the tax burden, the volatility of the enterprise profits, the probability of the project implementation, and the effectiveness of innovation project. The situations are described when the optimal budget effect will be achieved without any support from the state, as well as when the maximum possible state support for R&D is not optimal. The analysis considers situations where the optimal budgetary effect can be achieved without government support, as well as situations where maximum acceptable support for R&D may not be optimal.

About the authors

A. D Slastnikov

Central Economics and Mathematics Institute, Russian Academy of Sciences (CEMI RAS)

Email: aslast@mail.ru
Moscow, Russia

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