English, Article, Journal or magazine article edition: Research Joint Ventures and Optimal R&D Policy with Asymmetric Information Bruno Cassiman

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Bookmark: http://trove.nla.gov.au/version/155475
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Research Joint Ventures and Optimal R&​D Policy with Asymmetric Information
Author
  • Bruno Cassiman
Physical Description
  • preprint
Notes
  • When to allow Research Joint Ventures (RJVs) or not is an important instrument in the development of an optimal R&​D policy. The regulator, however, is unlikely to know all the relevant information to regulate R&​D optimally. The extent to which there exist appropriability problems between the firms is one such variable that is private information to the firms in the industry. In a duopoly setting we analyze the characteristics of a second-best R&​D policy where the government can either allow RJVs or not and give lump-sum subsidies to the parties involved. The second-best R&​D policy without subsidies will either block some welfare improving RJVs or allow some welfare reducing ones. With lump-sum subsidies, the second-best policy trades off the expected subsidy cost with allowing welfare decreasing RJVs or blocking welfare increasing ones.
  • Research joint ventures, R&​D policy, asymmetric information, revelation mechanism
  • RePEc:upf:upfgen:263
  • Research Joint Ventures and subsidies are important R&​D policy instruments. The regulator, however, is unlikely to know all the relevant information to regulate R&​D optimally. The extent to which there are appropriability problems is one such variable that is private information to the firms within the industry. In a duopoly setting we analyze the characteristics of a first-best and second-best R&​D policy where the government can either allow Research Joint Ventures or not and give lump-sum subisides to the parties involved. The second-best R&​D policy improves upon the policy of an unsophisicated government by integrating reports of the firms on their spillovers and the correlation between the R&​D spillovers of the firms into its formulation.
  • RePEc:nwu:cmsems:1105
Language
  • English
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