Project choice and risk in R&D

被引：12
|
作者：
Gerlach, HA
Ronde, T
Stahl, K
机构：
[1] Univ Auckland, Auckland 1, New Zealand
[2] CRNEC, Dept Econ, Auckland, New Zealand
[3] Univ Copenhagen, CEBR, DK-1455 Copenhagen, Denmark
[4] CEPR, Inst Econ, DK-1455 Copenhagen, Denmark
[5] Univ Mannheim, CEPR, CESifo, D-68131 Mannheim, Germany
[6] ZEW, Dept Econ, D-68131 Mannheim, Germany
来源：
JOURNAL OF INDUSTRIAL ECONOMICS | 2005年 / 53卷 / 01期
关键词：
D O I：
10.1111/j.0022-1821.2005.00245.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We introduce stochastic R&D in the Hotelling model and show that if the technical risk is sufficiently high, all firms focus on the most valuable market segment. We then endogenize technical risk by allowing firms to choose between a safe and a risky R&D technology. Firms either both target the most attractive market with at least one firm using the risky technology or they choose different niche projects and both apply the safe technology. R&D spillovers lead to more differentiated R&D projects and patent protection to less. Project coordination within an RJV implies more differentiation, and may be welfare-improving.
引用
收藏
页码：53 / 81
页数：29
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