|
Market and Technical Risk in R&D
Gerlach, Heiko
;
Roende, Thomas
;
Stahl, Konrad
|
URL:
|
http://www.cepr.org/active/publications/discussion...
|
|
Dokumenttyp:
|
Arbeitspapier
|
|
Erscheinungsjahr:
|
2003
|
|
Titel einer Zeitschrift oder einer Reihe:
|
Discussion Papers / CEPR
|
|
Band/Volume:
|
3450
|
|
Ort der Veröffentlichung:
|
London
|
|
Verlag:
|
Centre for Economic Policy Research
|
|
ISSN:
|
0265-8003
|
|
Sprache der Veröffentlichung:
|
Englisch
|
|
Einrichtung:
|
Außerfakultäre Einrichtungen > SFB / TR 15
|
|
Fachgebiet:
|
330 Wirtschaft
|
|
Abstract:
|
We endogenize the market risk (at given technical risk) in firms’ R&D decisions by introducing stochastic R&D in the Hotelling model. It is shown that if the technical risk is sufficiently high, the market risk remains low even if firms pursue similar projects. This leads firms to focus on the most valuable market segment. We then also endogenize technical risk by allowing firms to choose their R&D technology. In equilibrium, firms either pursue similar (different) R&D projects with risky (safe) technologies or they choose the same project but apply different R&D technologies. We show that R&D spillovers lead to more differentiated R&D efforts and patent protection to less. Project coordination within a RJV implies more differentiation, and may, or may not be welfare-improving.
|
 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
 Suche Autoren in
Sie haben einen Fehler gefunden? Teilen Sie uns Ihren Korrekturwunsch bitte hier mit: E-Mail
Actions (login required)
 |
Eintrag anzeigen |
|
|
