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Time to complete and research joint ventures : a differential game approach

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Author Info
Navas, Jorge
Kort, Peter M. (Tilburg University, Center for Economic Research)

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Abstract

In this paper we analyze cooperation in R&D in the form of RJVs. We show that the optimal size of an RJV does not only depend on the degree of spillovers, as literature suggests, but also on the cost function of R&D activities. Moreover, the explicit consideration of the fact that R&D projects take time to complete shows that benefits from cooperation in R&D not only allow RJVs to carry out larger R&D projects, but also to reduce the time to completion for projects with a given size and, consequently, to accelerate the acquisition of the benefits associated with the innovation.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 29.

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Date of creation: 2005
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Handle: RePEc:dgr:kubcen:200529

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Find related papers by JEL classification:
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives

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  1. Poyago-Theotoky, Joanna, 1995. "Equilibrium and Optimal Size of a Research Joint Venture in an Oligopoly with Spillovers," Journal of Industrial Economics, Blackwell Publishing, vol. 43(2), pages 209-26, June. [Downloadable!] (restricted)
  2. De Bondt, Raymond & Slaets, Patrick & Cassiman, Bruno, 1992. "The degree of spillovers and the number of rivals for maximum effective R &D," International Journal of Industrial Organization, Elsevier, vol. 10(1), pages 35-54, March. [Downloadable!] (restricted)
  3. d'Aspremont, Claude & Jacquemin, Alexis, 1988. "Cooperative and Noncooperative R&D in Duopoly with Spillovers," American Economic Review, American Economic Association, vol. 78(5), pages 1133-37, December. [Downloadable!] (restricted)
  4. Kort, P.M., 1996. "Optimal r&d investments of the firm," Discussion Paper 47, Tilburg University, Center for Economic Research. [Downloadable!]
  5. Kamien, Morton I & Muller, Eitan & Zang, Israel, 1992. "Research Joint Ventures and R&D Cartels," American Economic Review, American Economic Association, vol. 82(5), pages 1293-306, December. [Downloadable!] (restricted)
  6. Benfratello, Luigi & Sembenelli, Alessandro, 2002. "Research joint ventures and firm level performance," Research Policy, Elsevier, vol. 31(4), pages 493-507, May. [Downloadable!] (restricted)
  7. Hagedoorn, John & Link, Albert N. & Vonortas, Nicholas S., 2000. "Research partnerships1," Research Policy, Elsevier, vol. 29(4-5), pages 567-586, April. [Downloadable!] (restricted)
  8. Suzumura, Kotaro, 1992. "Cooperative and Noncooperative R&D in an Oligopoly with Spillovers," American Economic Review, American Economic Association, vol. 82(5), pages 1307-20, December. [Downloadable!] (restricted)
  9. Cellini, Roberto & Lambertini, Luca, 2002. "A differential game approach to investment in product differentiation," Journal of Economic Dynamics and Control, Elsevier, vol. 27(1), pages 51-62, November. [Downloadable!] (restricted)
  10. Reinganum, Jennifer F., 1989. "The timing of innovation: Research, development, and diffusion," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 14, pages 849-908 Elsevier. [Downloadable!] (restricted)
  11. Kristian R. Miltersen & Eduardo S. Schwartz, 2004. "R&D Investments with Competitive Interactions," NBER Working Papers 10258, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Michael L. Katz, 1986. "An Analysis of Cooperative Research and Development," RAND Journal of Economics, The RAND Corporation, vol. 17(4), pages 527-543, Winter.
  13. Petit, Maria Luisa & Tolwinski, Boleslaw, 1999. "R&D cooperation or competition?," European Economic Review, Elsevier, vol. 43(1), pages 185-208, January. [Downloadable!] (restricted)
  14. Steurs, Geert, 1995. "Inter-industry R&D spillovers: What difference do they make?," International Journal of Industrial Organization, Elsevier, vol. 13(2), pages 249-276. [Downloadable!] (restricted)
  15. Vania Sena, 2004. "The Return of the Prince of Denmark: A Survey on Recent Developments in the Economics of Innovation," Economic Journal, Royal Economic Society, vol. 114(496), pages F312-F332, 06. [Downloadable!] (restricted)
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