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In this paper empirical evidence is presented on the elasticity of private R&D spending on its price. A censored panel-data regression model with random e¤ects is applied to a balanced panel of 726 Italian ...rms over the 1992-97 period. Implied estimates point out that Italian ...rms' response to policy measures (including tax credits), aimed at reducing the user cost of R&D capital, is likely to be substantial (1.50-1.77). Furthermore, we also ...nd that the elasticity of R&D spending isdoi:10.2139/ssrn.265394 fatcat:24fowg3ztfe2xo6nolxktywo4m