Fragmented Property Rights and Incentives for R&D
نویسندگان
چکیده
Where product innovation requires several complementary patents, fragmented property rights can limit firms’ willingness to invest in R&D. We consider the research intensity in multiple simultaneous R&D contests and how it depends on whether firms already hold relevant patents as well as the availability of an option to invent around. A measure of technological uncertainty is also analysed. The multiple patent product involves an important hold-up problem that can reduce the overall R&D effort. Invent around options moderate this problem. We also analyse targeted equilibria in which the aim of R&D can be to hold up a rival.
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عنوان ژورنال:
- Management Science
دوره 54 شماره
صفحات -
تاریخ انتشار 2008