A Dynamic Analysis of Cooperative Research in the Semiconductor Industry Song, Minjae

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Song, Minjae
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International Economic Review
Semiconductor industry -- Analysis; Semiconductor Devices; Semiconductors and related devices
To authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1468-2354.2011.00663.x Byline: Minjae Song (1) Abstract: In this article I construct a dynamic oligopoly model of research joint ventures (RJVs) where firms, investing to improve product quality, fully share the rewards of research success. RJVs benefit firms by eliminating duplicative research efforts, but firms also give up the possibility of becoming a solo innovator. Consumers benefit from lower prices, but may have to wait longer for new products to arrive. I show that RJVs are welfare enhancing by quantitatively evaluating these trade-offs with data from the semiconductor industry. I also analyze how changes in product market competition affect research cooperation. Author Affiliation: ([dagger])University of Rochester, U.S.A.
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