Dynamic R&D competition with memory |
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| Authors: | Engelbert J Dockner Gustav Feichtinger Alexander Mehlmann |
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| Institution: | (1) University of Bielefeld, Germany;(2) Technical University of Vienna, Argentinierstrasse 8, A-1040 Vienna, Austria |
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| Abstract: | We consider a differential game of R&D competition and explore the impact of rivalry on the firms' investment behavior over time. Using closed-loop strategies and hence allowing for strategic interactions among rival firms we show that R&D spending by the individual competitor is increased due to competition in the race for priority. This leads us to argue that competitive encounters enhance R&D activities at the same time as increasing efficiency in the race for a technological breakthrough. |
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| Keywords: | R& D Industrial organization Stragegic interaction Dynamic games |
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