Cooperative and noncooperative R&D in an oligopoly with spillovers
Article Abstract:
The normative and positive impact of cooperative R&D, noncooperative R&D and socially first-best and second-best R&D was studied. The results indicated that neither cooperative nor noncooperative equilibria could attain even the levels of second-best R&D under conditions of sufficiently large spillovers of R&D. The noncooperative level could exceed the first-best and second-best R&D levels if spillover effects were not present.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1992
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The stock market's valuation of R&D investment during the 1980's
Article Abstract:
A study proposes several hypotheses for the sharp decline in the stockmarket's valuation of intangible capital generated by research and development investment in manufacturing during the 1980s. Possible factors include a fall in the private rate of return to research and development the restructuring trend of the decade. The methodology of the study draws upon James Tobin's 'q' theory.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1993
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