Multistage R&D competition and patent policy |
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Authors: | Wei Shi Lim |
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Institution: | (1) Present address: Faculty of Business Administration, National University of Singapore, 10 Kent Ridge Crescent, 119260, Singapore |
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Abstract: | In this paper a model of multistage R&D patent policy is investigated. We study the impact of the duration of patent protection for intermediate products on R&D races when the discovery of the final product requires the accomplishment of an intermediate step. Using a multistage model where firms choose their levels of research investment at each stage, we find all subgame-perfect equilibria of the game. We also determine how competition affects a firm's level of research investment at different stages of the R&D competition. |
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Keywords: | multistage R& D competition patent policy games |
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