Public policy towards R&D; in oligopolistic industries
We consider the free-market and socially optimal outcomes in a general oligopoly model with many firms which first engage in R&D; and then compete in either output or price. Strategic behavior by firms tends to reduce output, R&D;, and welfare and so justifies higher subsidies except...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
American Economic Association
1997
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| Subjects: |