Exploring heterogeneous returns to collaborative R&D: A marginal treatment effects perspective

I examine returns to collaborative R&D using the marginal treatment effects framework. This framework allows me to examine whether the impacts of participation in collaborative R&D on the benefits of product innovation are homogeneous, or if instead firms derive heterogeneous returns based on unobserved characteristics and expectations. Assuming that returns are indeed heterogeneous, I develop two alternative hypotheses representing different...