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Multi-task Research and Research Joint Ventures

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  • La Manna Manfredi M.

    (Manfredi M. La Manna: University of St. Andrews, UK)

Abstract

The paper shows that, whenever the completion of a research project requires the overcoming of more than one research obstacle, then Research Joint Ventures enjoy an intrinsic advantage relative to independent firms. This advantage, which has hitherto escaped attention in the RJV literature, relates to the RJV’s ability to organize research more efficiently than independent firms. The fact that RJVs can be both more profitable and yield higher expected net welfare than independent firms is surprising because it is derived from a model in which RJVs do not optimize over R&D investment. The paper exploits a basic result in systems reliability theory to establish the organizational superiority of RJVs.

Suggested Citation

  • La Manna Manfredi M., 2013. "Multi-task Research and Research Joint Ventures," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 13(1), pages 1-19, April.
    • Handle: RePEc:bpj:bejtec:v:13:y:2013:i:1:p:19:n:2
    DOI: 10.1515/bejte-2012-0004
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    References listed on IDEAS

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    1. Carliss Y. Baldwin & Kim B. Clark, 2000. "Design Rules, Volume 1: The Power of Modularity," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262024667, December.
    2. Yannis Caloghirou & Stavros Ioannides & Nicholas S. Vonortas, 2003. "Research Joint Ventures," Journal of Economic Surveys, Wiley Blackwell, vol. 17(4), pages 541-570, September.
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