A closed loop analysis of competitive innovation

Moshe Justman, Abraham Mehrez

Research output: Contribution to journalArticlepeer-review

7 Scopus citations

Abstract

Using dynamic programming, the symmetric, closed loop equilibrium of an oligopolistic market with competition in R&D is derived. Numerical analysis indicates that increasing the number of market firms improves economic performance. This differs from the result obtained by Spence (1982).

Original languageEnglish
Pages (from-to)339-344
Number of pages6
JournalEconomics Letters
Volume16
Issue number3-4
DOIs
StatePublished - 1 Jan 1984

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