Noncooperative R&D and Optimal R&D Cartels
This paper deals with a general version of a two-stage model of R&D and product market competition. We provide a thorough generalization of previous results on the comparative performance of noncooperative and cooperative R&D, dispensing in particular with ex-post symmetry and linear demand assumptions. We also characterize the structure of optimal R&D cartels where firms competing in a product market jointly decide R&D expenditure, as well as internal spillover, levels. We establish the firms would essentially always prefer extremal spillovers. Within the context of a standard specification, we provide conditions for the optimality of minimal spillover.
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|Date of creation:||Dec 2000|
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