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Companies' emissions-reducing R&D investments increase in response to Schumpeterian competition—R&D rivalry among large firms—in the context of evolving emissions regulation. Estimation supports a theoretical role for emissions standards: to reduce negative externalities caused by hazardous air emissions, government can set standards that cause firms to accept the uncertainty of R&D. Furthermore, the pressure of R&D competition causes firms to increase their R&D investment. The paper uses primary data about manufacturers' emissions-reducing R&D. Responses to a questionnaire—mailed to the companies in the Business Week R&D Scoreboard sample for 1993—provide the new data about R&D to reduce the toxic air emissions of chemicals targeted in Title III of the 1990 Clean Air Act. The Act stimulated R&D investments by establishing the government's commitment to develop standards—which are still evolving—for the toxic chemicals. © 1997 John Wiley & Sons, Ltd.
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