This work addresses the question of what is the optimal patent length in a n …rm R&D race with unknown hazard rate, knowledge spillovers and variable e¤ort under general post innovation market structures. Explicit analytical solution for symmetric equilibrium strategies are given. We show that longer patents increase research intensity by increasing the competition within …rms. When post innova...

The efficient market hypothesis states that an efficient market immediately incorporates all available information into the price of the traded entity. It is well established that the stock market is not an efficient market as it consists of numerous traders with differing strategies and interpretations of information. However there is substantial evidence to suggest that the stock market does ...

Supermarkets and hypermarkets already dominate the markets of some larger cities, and their continued expansion from major cities into smaller cities is expected to further drive competition in the grocery retail sector. Of the various retail channels, hypermarkets are expected to have the most growth potential in the Chinese market and are benefitting from consumer trends toward convenience an...

Most skills acquired through on-the-job training may be specific to an occupation and therefore transferable to some but not all firms. However, economists have typically focused on skills that are either specific to a given firm or skills that are completely general. This paper explores the relationship between the size of the local market for an occupation-specific skill and job-training outc...

The challenges of the new millennium and specific properties of knowledge require a new understanding of knowledge. Author’s approach to knowledge is based on three mutually related aspects. From the aspect of substance, the author understands knowledge as a set of experiences where information, based on rational combination is classified into patterns of thought through cognitive processes. Th...

A thin market is a market with few buying or selling offers. The concept of market thinness, while general, is typically used in the context of financial markets. When the number of buying or selling offers is small, investors' trading positions are large relative to market size. Trading then requires price concessions and thus exerts an impact on prices. A thin market is characterized by low t...