Stability in the patent race contest of Lee and Wilde |
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Authors: | Kofi O. Nti |
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Affiliation: | (1) Department of Management Science and Information Systems, The Pennsylvania State University, University Park, PA 16802-1913, USA (e-mail: kon@psu.edu), US |
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Abstract: | Summary. 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. Received: November 15, 1996; revised version: March 25, 1998 |
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Keywords: | and Phrases: Stability Patent race contests Lee and Wilde model. |
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