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Public Policy towards R&D; in Oligopolistic Industries.

Abstract:

The authors consider the free-market and socially optimal outcomes in a general oligopoly model with many firms which first engage in R&D; and then compete in either output or price. Strategic behavior by firms tends to reduce output, R&D;, and welfare and so justifies higher subsidies except when R&D; spillovers are low and firms' actions are strategic substitutes. It also reduces the benefits of R&D; cooperation. Moreover, policies to encourage cooperation are likely to be r...

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Publisher:
American Economic Association
Journal:
American Economic Review
Volume:
87
Issue:
4
Pages:
642 - 662
Publication date:
1997-01-01
ISSN:
0002-8282
Language:
English
UUID:
uuid:b6678cb7-158d-4155-8a56-4f710d693345
Local pid:
oai:economics.ouls.ox.ac.uk:10299
Deposit date:
2011-08-16

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