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Public Policy and Venture Capital Backed Innovation
The paper discusses the role of public policy towards the venture capital industry. The model emphasizes four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, entrepreneurial effort and venture capital advice during the start-up period, and introduction of new goods by successful start-ups.
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Available for purchase at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=482545