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| Author: | Goyal, S. Konovalov, A. Moraga-Gonzalez, J.L. |
| Title: | Hybrid R&D |
| Journal: | Journal of the European Economic Association
2008 : DEC, VOL. 6:6, p. 1309-1338 |
| Index terms: | models companies co-operation R&D research projects |
| Language: | eng |
| Abstract: | This paper develops a model of R&D collaboration with individual firms carrying out in-house research on core activities and undertaking bilateral joint projects (herein as: j-pts.) on non-core activities with other firms. Developed are conditions on the firm profit functions under which R&D investments in different firm projects are complementary. It is shown that this condition is met by standard price and quantity setting oligopoly models. The relation btw. the number of j-pts. and investments and profits is explored. In this context, a second aspect of complementarity is identified: Equilibrium investments in in-house and in j-pts. are increasing in the number of projects. Yet, it is found that an increase in number of j-pts. of all firms lowers collective profits, which suggests the presence of excessive incentives for research. |
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