Some of the stats in here are really striking. Per one paper, federal investments in R&D account for at least a fifth of all productivity gains in the U.S. economy since World War II. And the societal return for every $1 invested in the sciences is *conservatively* estimated at $5.

But where are my free first-order conditions??

We're aiming on getting a public working paper ready and out early next year!

A bunch of others have challenged this outcome before us, we add capacity constraints (inventory) which, in a standard pricing game, should produce above marginal cost prices anyways, we find pricing behaviour that is not consistent with what could reasonably be called "collusion" (even implicit).

We considered Calvano et al. (2020)'s (and others) paper(s) which find that when autonomous pricing algorithms compete in a pricing game for a homogeneous good, they are often able to set supracompetitive prices in equilibrium, and a discussion has followed on the basis that this is "collusion".