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: | Leahy, D, Neary, J |
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Format: | Journal article |
Language: | English |
Published: |
American Economic Association
1997
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Subjects: |
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