TY  - JOUR
AB  - 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.
VL  - 23
IS  - 2
SN  - 0306-8293
DO  - 10.1108/03068299610110905
UR  - https://doi.org/10.1108/03068299610110905
AU  - Justman Moshe
AU  - Mehrez Abraham
PY  - 1996
Y1  - 1996/01/01
TI  - A welfare analysis of innovation in R&D markets
T2  - International Journal of Social Economics
PB  - MCB UP Ltd
SP  - 52
EP  - 65
Y2  - 2024/04/19
ER  -