English, Article, Journal or magazine article edition: A Test of Perpetual R&D Races Yves Breitmoser; Jonathan H. W. Tan; Daniel John Zizzo

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Bookmark: http://trove.nla.gov.au/version/49134
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Test of Perpetual R&​D Races
Author
  • Yves Breitmoser
  • Jonathan H. W. Tan
  • Daniel John Zizzo
Physical Description
  • preprint
Notes
  • This paper presents an experimental study of dynamic indefinite horizon R and D races with uncertainty and multiple prizes. The theoretical predictions are highly sensitive: small parameter changes determine whether technological competition is sustained, or converges into a market structure with an entrenched leadership and lower aggregate R&​D. The subjects' strategies are far less sensitive. In most treatments the R&​D races tend to converge to entrenched leadership. Investment is highest when rivals are close. This stylized fact, and so the usefulness of neck-to-neck competition in general, is largely unrelated to rivalry concerns but can be explained using a quantal response extension of Markov perfection.
  • R&​D race, innovation, dynamics, experiment
  • RePEc:ccp:wpaper:wp06-11
Language
  • English
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