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The Hidden Surplus From Research Joint Ventures: An Application Of Systems Reliability Theory

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  • Manfredi M.A. La Manna
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    Abstract

    The paper’s aim is two fold: (a) to model some key features of the research process as a multi-component system, as understood by the mathematical theory of systems reliability; and (b) to apply the resulting model to Research Joint Ventures, showing that a potentially very large surplus can be realized purely by organizing research efficiently, i.e. even without any changes in R&D investment.

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    Bibliographic Info

    Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 0610.

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    Date of creation: Nov 2006
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    Handle: RePEc:san:crieff:0610

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    Related research

    Keywords: optimal organization; systems reliability; Research Joint Ventures; parallel and series systems; majorization; organizational surplus.;

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    References

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    1. M. L. Weitzman & K. Roberts, 1979. "Funding Criteria for Research, Development and Exploration Projects," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 234, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. M. L. Weitzman, 1978. "Optimal Search for the Best Alternative," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 214, Massachusetts Institute of Technology (MIT), Department of Economics.
    3. Aghion, Philippe & Tirole, Jean, 1994. "The Management of Innovation," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 109(4), pages 1185-1209, November.
    4. Joseph Farrell & Hunter K. Monroe & Garth Saloner, 1998. "The Vertical Organization of Industry: Systems Competition versus Component Competition," Journal of Economics & Management Strategy, Wiley Blackwell, Wiley Blackwell, vol. 7(2), pages 143-182, 06.
    5. Aghion, Philippe & Tirole, Jean, 1997. "Formal and Real Authority in Organizations," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(1), pages 1-29, February.
    6. Kremer, Michael, 1993. "The O-Ring Theory of Economic Development," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(3), pages 551-75, August.
    7. Katsoulacos, Yannis & Ulph, David, 1998. "Endogenous Spillovers and the Performance of Research Joint Ventures," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 46(3), pages 333-57, September.
    8. d'ASPREMONT, Claude & JACQUEMIN, Alexis, . "Cooperative and noncooperative R&D in duopoly with spillovers," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -823, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    9. Aghion, P. & Tirole, J., 1993. "On the Management of Innovation," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 93-12, Massachusetts Institute of Technology (MIT), Department of Economics.
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