Innovation, Licensing And Welfare
In this paper we show the effect of licensing on innovation and social welfare. We show that firms always do non-cooperative research and development (R&D) when there is licensing after R&D, while firms do cooperative R&D in the absence of licensing if cost reduction from R&D is sufficiently small. Licensing reduces welfare when cost reduction from R&D is sufficiently small. Copyright Blackwell Publishing Ltd and The Victoria University of Manchester, 2005.
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Volume (Year): 73 (2005)
Issue (Month): 1 (01)
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