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The Effects of Integration on R&D Incentives in Systems Markets |
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| Authors: | Choi Jay Pil Lee Gwanghoon Stefanadis Christodoulos |
| Institution: | (1) Department of Economics, Michigan State University, 101 Marshall Hall, East Lansing, MI 48824, USA;(2) Korea Information Society Development Institute, 1-1 Juam, Gwachun, Gyunggi, 427-710, Republic of Korea;(3) Payment System Studies, Research Dept., Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045-0001, USA |
| Abstract: | We consider a systems market where two complementary components must be used in combination to provide valuable services. The market for the first component is monopolized whereas the market for the second is potentially served by multiple firms. We show that integration of the monopolist into the competitive complementary market may distort incentives for R&D, reducing total economic welfare. |
| Keywords: | incentives integration R& D |
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