Uwe Cantner () (University of Jena, School of Busniess and Economics) Werner Güth (Max Planck Institute of Economics Jena, Strategic Interaction Unit) Andreas Nicklisch (Max Planck Institute for Research on Collective Goods, Bonn, Germany) Torsten Weiland (Max Planck Institute of Economics Jena, Strategic Interaction Unit)
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We experimentally investigate competition in innovation in a patent race scenario. Pairs of subjects compete as seller firms on a duopoly market, engaging in risky search investments. Successful innovation is rewarded through temporary monopoly rents. Throughout the interaction, subjects receive feedback on own and other's search success and profit margin. Partitioning subjects into subgroups of investor types reveals that the majority of subjects condition investments on the degree of competition as measured by sales shares, while for others no correlation is ascertained. Heterogeneity in individual risk attitudes and differing experiences with related search tasks may explain this finding.
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Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek in its series Jena Economic Research Papers in Economics with number
2007-014.
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