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I find that a dollar of R&D generates about $9.0 of within-market surplus net of that dollar, with the firms capturing $3.0 and consumers the rest. But the return to public support is far more modest. I simulate three stylized interventions: an R&D credit and two product rebates, one at the cutting edge and one on the mass market. Only the R&D credit induces a material increase in private R&D, but it returns only $0.51 of surplus per public dollar because additionality is low: most of its outlay reimburses research the firms would have conducted anyway. The rebate on cutting-edge products returns only $0.23 per public dollar and sets back the technology frontier. Subsidizing both firms, it ignites a price war at the top of the line, benefiting consumers but undercutting the reason firms advance the frontier. The mass-market rebate sets off the same war lower down the product line but expands adoption enough that R&D survives, returning $1.09 per public dollar. These results suggest that innovation policy in product-line markets is a more intricate design problem than in markets with simpler structure. Each instrument induces a distinct equilibrium response in prices, qualities, and R&D. The static and dynamic components of that response can offset or reinforce each other, attenuating or even reversing the intended effect.", "occurrence_notes":null, "guid":"151329-21911377@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/151329", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4300", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["seminar","Industrial Organization","Economics"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" }, { "group_name":"Applied Microeconomics\/Industrial Organization", "group_id":"3545", "website":"" }, { "group_name":"Department of Economics Seminars", "group_id":"3566", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_151329_original-1.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/09\/event_151329_original-1.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/09\/event_151329_original-1.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/09\/event_151329_original-1.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/09\/event_151329_original-1.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/09\/event_151329_original-1.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/09\/event_151329_original-1.png" }, "occurrence_count":1, "first_occurrence":21911377 } , "150691-21909918": { "datetime_modified":"20260916T102711", "datetime_start":"20260918T100000", "datetime_end":"20260918T110000", "has_end_time":1, "date_start":"2026-09-18", "date_end":"2026-09-18", "time_start":"10:00:00", "time_end":"11:00:00", "time_zone":"America\/Detroit", "event_title":"La Tertulia: Spanish Coffee Hour", "occurrence_title":"", "combined_title":"La Tertulia: Spanish Coffee Hour", "event_subtitle":"", "event_type":"Social \/ Informal Gathering", "event_type_id":"19", "description":"Hola! \u00bfC\u00f3mo est\u00e1s?\n\n-Practice your Spanish-speaking skills with peers & instructors in a relaxed environment. All language levels and students are welcome to join the conversation.\n\n-Come & go as you please; stay as little or as long as you would like!\n\n-Free coffee, tea, light snacks, & baked goods.", "occurrence_notes":null, "guid":"150691-21909918@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/150691", "building_id":"1000207", "building_name":"Modern Languages Building", "campus_maps_id":"111", "room":"4314 MLB", "location_name":"Modern Languages Building", "has_livestream":0, "cost":"", "tags":["Romance Languages And Literatures","Undergraduate Students","Undergraduate","Study Abroad","Spanish","Spain","Social","Central America","Networking","Latin America","Language","International","Games","Free","Food","European","Europe","Engaged Learning","Culture","Community Engagement","Community","Coffee"], "website":"", "sponsors":[ { "group_name":"Romance Languages & Literatures RLL", "group_id":"2963", "website":"https:\/\/lsa.umich.edu\/rll" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2026\/08\/event_150691_original-1.jpg", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/08\/event_150691_original-1.jpg" }, "occurrence_count":14, "first_occurrence":21909916 } }