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A General Model of R&D Competition and Policy

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  • Avinash Dixit

Abstract

This article constructs a model of R&D with heterogeneous firms. Each firm's probability of success is a function of its sunk and recurrent R&D expenditures. The social gains from an innovation are not fully captured by the successful firm. The comparison of the social optimum and the market equilibrium involves balancing spillover and crowding effects. Pigovian corrective policies, as well as strategic policies for a subset of colluding firms, are discussed.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 19 (1988)
Issue (Month): 3 (Autumn)
Pages: 317-326

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Handle: RePEc:rje:randje:v:19:y:1988:i:autumn:p:317-326

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Cited by:
  1. Paul O'Sullivan, 2013. "Research Joint Ventures: A Barrier To Entry?," Economics, Finance and Accounting Department Working Paper Series n246-13.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  2. Carlos Daniel Santos, 2009. "Recovering the sunk costs of R&D: the moulds industry case," LSE Research Online Documents on Economics 28689, London School of Economics and Political Science, LSE Library.
  3. Helen Weeds, 2002. "Strategic Delay in a Real Options Model of R&D Competition," Review of Economic Studies, Oxford University Press, vol. 69(3), pages 729-747.
  4. Andrew Austin & Nathaniel T. Wilcox, 2004. "Believing in Economic Theory: Sex, Lies, Evidence, Trust and Ideology," CERGE-EI Working Papers wp238, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  5. Paul O'Sullivan, 2013. "Less Is More? Research Joint Ventures And Entry Deterrence," Economics, Finance and Accounting Department Working Paper Series n245-13.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  6. Weeds, H., 1999. "'Reverse Hysteresis': R&D Investment with Stochastic Innovation," The Warwick Economics Research Paper Series (TWERPS) 578, University of Warwick, Department of Economics.

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