Innovation and Natural Resources: A Dynamic Game with Uncertainty.
The authors analyze a dynamic game between a resource-exporting country and an importing country that is seeking to invent a substitute technology. The time of innovation is an uncertain function of the importer's R&D; efforts, which cannot be committed in advance. The game has a unique...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
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1995
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| _version_ | 1826261631596756992 |
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| author | Harris, C Vickers, J |
| author_facet | Harris, C Vickers, J |
| author_sort | Harris, C |
| collection | OXFORD |
| description | The authors analyze a dynamic game between a resource-exporting country and an importing country that is seeking to invent a substitute technology. The time of innovation is an uncertain function of the importer's R&D; efforts, which cannot be committed in advance. The game has a unique equilibrium in Markov strategies. The importer's R&D; efforts grow over time. The exporter's output often decreases with time before innovation occurs but strategic factors imply that the opposite can happen. The output path is characterized by a simple modification of Hotelling's rule to account for uncertainty and strategic behavior. |
| first_indexed | 2024-03-06T19:24:25Z |
| format | Journal article |
| id | oxford-uuid:1b37d840-0eae-4064-9e89-4f0466879979 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T19:24:25Z |
| publishDate | 1995 |
| record_format | dspace |
| spelling | oxford-uuid:1b37d840-0eae-4064-9e89-4f04668799792022-03-26T10:59:07ZInnovation and Natural Resources: A Dynamic Game with Uncertainty.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:1b37d840-0eae-4064-9e89-4f0466879979EnglishDepartment of Economics - ePrints1995Harris, CVickers, JThe authors analyze a dynamic game between a resource-exporting country and an importing country that is seeking to invent a substitute technology. The time of innovation is an uncertain function of the importer's R&D; efforts, which cannot be committed in advance. The game has a unique equilibrium in Markov strategies. The importer's R&D; efforts grow over time. The exporter's output often decreases with time before innovation occurs but strategic factors imply that the opposite can happen. The output path is characterized by a simple modification of Hotelling's rule to account for uncertainty and strategic behavior. |
| spellingShingle | Harris, C Vickers, J Innovation and Natural Resources: A Dynamic Game with Uncertainty. |
| title | Innovation and Natural Resources: A Dynamic Game with Uncertainty. |
| title_full | Innovation and Natural Resources: A Dynamic Game with Uncertainty. |
| title_fullStr | Innovation and Natural Resources: A Dynamic Game with Uncertainty. |
| title_full_unstemmed | Innovation and Natural Resources: A Dynamic Game with Uncertainty. |
| title_short | Innovation and Natural Resources: A Dynamic Game with Uncertainty. |
| title_sort | innovation and natural resources a dynamic game with uncertainty |
| work_keys_str_mv | AT harrisc innovationandnaturalresourcesadynamicgamewithuncertainty AT vickersj innovationandnaturalresourcesadynamicgamewithuncertainty |