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The Timing of Product Innovation and Regulatory Delay

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Author Info
Prieger, James (U of California, Davis)

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Abstract

This paper endogenizes the interplay between innovation by a regulated firm and regulatory delay. In the signaling model, the firm times its innovation to communicate its private information about the MC of delay to the regulator. When product innovation costs fall over time, an extra day of regulatory delay increases time to introduction by more than a day. Successful signaling leads the regulator to adjust regulatory delay. The separating equilibrium of the signaling model generates testable predictions for how innovation and regulatory delay evolve over time. The model is consistent with data gathered from one of the Bell telecommunications firms.

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Paper provided by University of California at Davis, Department of Economics in its series Working Papers with number 01-9.

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Date of creation: Sep 2001
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Handle: RePEc:ecl:ucdeco:01-9

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  1. Cho, In-Koo & Kreps, David M, 1987. "Signaling Games and Stable Equilibria," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 179-221, May. [Downloadable!] (restricted)
  2. Cabral, Luis M B & Riordan, Michael H, 1989. "Incentives for Cost Reduction under Price Cap Regulation," Journal of Regulatory Economics, Springer, vol. 1(2), pages 93-102, June.
  3. Lyon, Thomas P & Huang, Haizou, 1995. "Asymmetric Regulation and Incentives for Innovation," Industrial and Corporate Change, Oxford University Press, vol. 4(4), pages 769-76.
  4. Yossef Spiegel & Daniel F. Spulber, 1997. "Capital Structure with Countervailing Incentives," RAND Journal of Economics, The RAND Corporation, vol. 28(1), pages 1-24, Spring. [Downloadable!] (restricted)
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  5. Donald, Stephen G & Sappington, David E M, 1997. "Choosing among Regulatory Options in the United States Telecommunications Industry," Journal of Regulatory Economics, Springer, vol. 12(3), pages 227-43, November. [Downloadable!] (restricted)
  6. Prager, Robin A, 1989. "The Effects of Regulatory Policies on the Cost of Debt for Electric Utilities: An Empirical Investigation," Journal of Business, University of Chicago Press, vol. 62(1), pages 33-53, January. [Downloadable!] (restricted)
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  1. Heli Koski & Tobias Kretschmer, 2004. "Entry, Standards and Competition: Firm Strategies and the Diffusion of Mobile Telephony," Review of Industrial Organization, Springer, vol. 26(1), pages 89-113, November. [Downloadable!] (restricted)
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