The Winner Curse and Social Inefficiency: Double Whammy of R&D Tournament

Autor: Arijit Mukherjee, Leonard F.S. Wang
Jazyk: English<br />Spanish; Castilian
Rok vydání: 2011
Předmět:
Zdroj: Journal of Technology Management & Innovation, Vol 6, Iss 4 (2011)
Druh dokumentu: article
ISSN: 0718-2724
DOI: 10.4067/S0718-27242011000400006
Popis: In a R&D tournament setting with free entry and knowledge spillover, we show that the society would suffer from excessive entry and the patent holder would endure lower profits than non-patent holders because it bears the cost of commercializing and further technology development, while the other firms are beneficiaries of the spillover effects. This result is instructive to R&D and competition policy.
Databáze: Directory of Open Access Journals