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Stability in the patent race contest of Lee and Wilde

  • Kofi O. Nti


    (Department of Management Science and Information Systems, The Pennsylvania State University, University Park, PA 16802-1913, USA)

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    To determine how expenditure and profits vary with the number of firms in the patent race contest of Lee and Wilde, it is traditional to impose an ad-hoc stability condition on the best response function. This paper relates the stability condition to the standard myopic adjustment mechanism and shows that a concave hazard rate function with non- increasing hazard rate elasticity is sufficient for the analysis. We provide examples and reveal additional qualitative properties of the Lee and Wilde model.

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    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 14 (1999)
    Issue (Month): 1 ()
    Pages: 237-245

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    Handle: RePEc:spr:joecth:v:14:y:1999:i:1:p:237-245
    Note: Received: November 15, 1996; revised version: March 25, 1998
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