Spillovers, Disclosure Lags, and Incentives to Innovate: Do Oligopolies Over-Invest in R&D?
Ebook in formato Pdf leggibile su questi device:
We develop a dynamic duopoly, in which firms have to take into account a technological externality, which reduces their innovation costs over time, and an inter-firm spillover, which lowers only the second comer’s R&D costs. This spillover exerts its effect after a disclosure lag. We identify three possible equilibria, which are classified according to the timing of R&D investments, as early, intermediate, and late. The intermediate equilibrium is subgame perfect for a wide parameter range. When the size of the innovation is large, it implies under-investment. Hence, even in the presence of a moderate degree of inter-firm spillover, the competitive equilibrium calls for public policies aimed at increasing the research activity. Focusing on minor innovations – the case in which according to earlier literature the market outcome implies sub-optimal investment levels – our results imply that policies aimed at stimulating R&D have to be less sizeable than suggested before. Key words: R&D, Knowledge spillover, Dynamic oligopoly. JEL Classification: L13, L41, O33.
Chi ha visto questo prodotto ha guardato anche...
Risk aversion heterogeneity and the investment-uncertainty relationship: a closed-form formulation
Does the Past Count? Sovereign Debt during the Classical Gold Standard through the Lenses of Mover Stayer and Markov Chain Models
The SAM as a Framework to Catch the Generation Process of Inequality in the Households Income Distribution
Ultimi 3 numeri
RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2021 - 1
RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2020 - 4. A Special Issue on Common Good
Annate disponibili online
Fascicoli anno 2010
- Cultura e storia
- Filosofia morale
- Grani di senape
- Le nuove bussole
- Metafisica e storia della metafisica
- Pagine prime
- Relazioni internazionali e scienza politica.ASERI
- Studi interdisciplinari sulla famiglia
- Temi metafisici e problemi del pensiero antico
- Varia. Saggistica
Scopri le altre Collane