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Innovation and Natural Resources: A Dynamic Game with Uncertainty.

Abstract:

The authors analyze a dynamic game between a resource-exporting country and an importing country that is seeking to invent a substitute technology. The time of innovation is an uncertain function of the importer's R&D; efforts, which cannot be committed in advance. The game has a unique equilibrium in Markov strategies. The importer's R&D; efforts grow over time. The exporter's output often decreases with time before innovation occurs but strategic factors imply that the opposite can ...

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Journal:
RAND Journal of Economics More from this journal
Volume:
26
Publication date:
1995-01-01
ISSN:
0741-6261
Language:
English
UUID:
uuid:1b37d840-0eae-4064-9e89-4f0466879979
Local pid:
oai:economics.ouls.ox.ac.uk:11361
Deposit date:
2011-08-16

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