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Equilibrium and Optimal R&D Roles in a Mixed Market

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Author Info
Vasileios Zikos () (Dept of Economics, Loughborough University)

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Abstract

This is the first paper to investigate the timing of the R&D decisions in a mixed market. Considering a model in which a public firm competes against a private one, we examine the desirable (welfare-maximizing) and the equilibrium R&D role of the public firm. Our results suggest that from a social point of view, the public firm should carry out its investment as a Stackelberg follower. Using the observable delay game of Hamilton and Slutsky [Games and Economic Behavior 2 (1990) 29], we show that the public firm may play this desirable role.

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File URL: http://www.lboro.ac.uk/departments/ec/RePEc/lbo/lbowps/R&D_Roles.pdf
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Publisher Info
Paper provided by Department of Economics, Loughborough University in its series Discussion Paper Series with number 2007_08.

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Date of creation: Feb 2007
Date of revision: Mar 2007
Handle: RePEc:lbo:lbowps:2007_08

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Related research
Keywords: Endogenous timing; R&D; Stackelberg; mixed market.;

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Find related papers by JEL classification:
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs
L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises

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References listed on IDEAS
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  1. 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)
  2. María José Gil-Moltó & Joanna Poyago-Theotoky & Vasileios Zikos, 2006. "Public Policy towards R&D in a Mixed Duopoly with Spillovers," Discussion Paper Series 2006_17, Department of Economics, Loughborough University. [Downloadable!]
  3. Hamilton, Jonathan H. & Slutsky, Steven M., 1990. "Endogenous timing in duopoly games: Stackelberg or cournot equilibria," Games and Economic Behavior, Elsevier, vol. 2(1), pages 29-46, March. [Downloadable!] (restricted)
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  4. Nett, Lorenz, 1994. "Why private firms are more innovative than public firms," European Journal of Political Economy, Elsevier, vol. 10(4), pages 639-653, December. [Downloadable!] (restricted)
  5. Jacques, Armel, 2004. "Endogenous timing in a mixed oligopoly: a forgotten equilibrium," Economics Letters, Elsevier, vol. 83(2), pages 147-148, May. [Downloadable!] (restricted)
  6. Delbono, Flavio & Denicolo, Vincenzo, 1993. "Regulating innovative activity : The role of a public firm," International Journal of Industrial Organization, Elsevier, vol. 11(1), pages 35-48, March. [Downloadable!] (restricted)
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  7. Akira Nishimori & Hikaru Ogawa, 2005. "Long-Term And Short-Term Contract In A Mixed Market ," Australian Economic Papers, Blackwell Publishing, vol. 44(3), pages 275-289, 09. [Downloadable!] (restricted)
  8. Poyago-Theotoky, Joanna, 1998. "R&D Competition in a Mixed Duopoly under Uncertainty and Easy Imitation," Journal of Comparative Economics, Elsevier, vol. 26(3), pages 415-428, September. [Downloadable!] (restricted)
  9. Symeonidis, George, 2003. "Comparing Cournot and Bertrand equilibria in a differentiated duopoly with product R&D," International Journal of Industrial Organization, Elsevier, vol. 21(1), pages 39-55, January. [Downloadable!] (restricted)
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  10. de Fraja, Giovanni & Delbono, Flavio, 1989. "Alternative Strategies of a Public Enterprise in Oligopoly," Oxford Economic Papers, Oxford University Press, vol. 41(2), pages 302-11, April. [Downloadable!] (restricted)
  11. Fjell, Kenneth & Heywood, John S, 2002. "Public Stackelberg Leadership in a Mixed Oligopoly with Foreign Firms," Australian Economic Papers, Blackwell Publishing, vol. 41(3), pages 267-81, September. [Downloadable!] (restricted)
  12. Pal, Debashis, 1998. "Endogenous timing in a mixed oligopoly," Economics Letters, Elsevier, vol. 61(2), pages 181-185, November. [Downloadable!] (restricted)
  13. Toshihiro Matsumura, 2003. "Stackelberg Mixed Duopoly with a Foreign Competitor," Bulletin of Economic Research, Blackwell Publishing, vol. 55(3), pages 275-287, 07. [Downloadable!] (restricted)
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