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In this paper a firm’s R&D strategy is assumed to be endogenous and allowed to depend on both internal firm characteristics and external factors. Firms choose between two strategies, either they engage in R&D or abstain from own R&D and imitate the outcomes of innovators. This yields three types of equilibria, in which either all firms innovate, some firms innovate and others imitate,...
This paper compares the commonly used linear demand model introduced by Bowley (The mathematical groundwork of economics, Oxford University Press, Oxford, 1924) with the specification of Shapley and Shubik (Kyklos 22:30–44, 1969). The latter has the advantage that aggregate demand does not depend on a parameter that measures the degree of product differentiation. This allows to interpret variations...
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