  In this study, we consider research and development investment by the
government. Our study is motivated by the bias in the budget allocation owing
to the competitive funding system. In our model, each researcher presents
research plans and expenses, and the government selects a research plan in two
periods---before and after the government knows its favorite plan---and spends
funds on the adopted program in each period. We demonstrate that, in a subgame
perfect equilibrium, the government adopts equally as many active plans as
possible. In an equilibrium, the selected plans are distributed proportionally.
Thus, the investment in research projects is symmetric and unbiased. Our
results imply that equally widespread expenditure across all research fields is
better than the selection of and concentration in some specific fields.
