Upstream R&D networks
We study the endogenous formation of upstream R&D networks in a vertically related industry. We find that, when upstream firms set prices, the complete network that includes all firms emerges in equilibrium. In contrast, when upstream firms set quantities, the complete network will arise but only if within-network R&D spillovers are sufficiently low, while if R&D spillovers are sufficiently high, a partial network arises. Interestingly, when upstream firms set prices, the equilibrium network maximizes social welfare, while a conflict between equilibrium and socially optimal networks is likely to occur when upstream firms set quantities.
|Date of creation:||15 Mar 2012|
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