A welfare analysis of innovation in R&D markets

A welfare analysis of innovation in R&D markets Analyses the economic efficiency of innovation under different market conditions within the context of a formal model that represents competitive innovation as the closed loop solution of a dynamic stochastic game in the spirit of Reinganum’s analysis. Goes beyond Reingnaum’s model in its explicit treatment of the product market (following Spence), which permits a consistent analysis of competitive innovation in the absence of patent protection. Measures efficiency by the expected net present value of total surplus, and studies the effect on it of competitive structure, elasticity of demand, fixed costs, spillovers and subsidies. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

A welfare analysis of innovation in R&D markets

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Publisher
Emerald Publishing
Copyright
none
ISSN
0306-8293
DOI
10.1108/03068299610110905
Publisher site
See Article on Publisher Site

Abstract

Analyses the economic efficiency of innovation under different market conditions within the context of a formal model that represents competitive innovation as the closed loop solution of a dynamic stochastic game in the spirit of Reinganum’s analysis. Goes beyond Reingnaum’s model in its explicit treatment of the product market (following Spence), which permits a consistent analysis of competitive innovation in the absence of patent protection. Measures efficiency by the expected net present value of total surplus, and studies the effect on it of competitive structure, elasticity of demand, fixed costs, spillovers and subsidies.

Journal

International Journal of Social EconomicsEmerald Publishing

Published: Feb 1, 1996

Keywords: Economic return; Innovation; Marketing; R&D; Stochastic modelling; Welfare

References

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