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R&D Competition when firms Choose Variance

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Author Info
Luís M. B. Cabral

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Abstract

I consider an infinite-period race where players choose between low- and high-variance motion technologies. I provide sufficient conditions under which, in equilibrium, the leader chooses a safe technology and the laggard a risky one, thus formalizing the sports intuition that the laggard has nothing to lose. Various examples and empirical implications are presented. Copyright (c) 2003 Massachusetts Institute of Technology.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Economics & Management Strategy.

Volume (Year): 12 (2003)
Issue (Month): 1 (03)
Pages: 139-150
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Handle: RePEc:bla:jemstr:v:12:y:2003:i:1:p:139-150

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