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Binomial R&D Races and Growth

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Author Info
John Hartwick () (Queen's University)

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Abstract

In each period, we have an R&D race among N competitive R&D firms, each with probability π of discovering a successful new technique for producing an intermediate good used in producing the economy's final consumption good. The winner of a race earns a monopoly profit over a generally uncertain interval. Each R&D firm faces distinctive "lottery" and "duration" uncertainty in each period. Numerical examples illustrate the growth behavior of the economy linked to the R&D sector.

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File URL: http://www.econ.queensu.ca/working_papers/papers/qed_wp_1022.pdf
File Format: application/pdf
File Function: First version 2004
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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1022.

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Length: 12 pages
Date of creation: Sep 2004
Date of revision:
Handle: RePEc:qed:wpaper:1022

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Related research
Keywords: binomial R&D race; growth;

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. John M. Hartwick, 1988. "Patent Races Optimal with Respect to Entry," Working Papers 711, Queen's University, Department of Economics.
  2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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