{"title":"Competition and the negative expected social value of cost-reducing innovation","authors":"Anzhou Zhang","doi":"10.1111/manc.12388","DOIUrl":null,"url":null,"abstract":"<p>I study an R&D race among outside entities to a cost-reducing innovation of a certain magnitude and the subsequent patent licensing by the winner. The target is to study whether the expected social value of the innovation is positive or not. Sufficient conditions under which it is negative or positive are provided. I also find non-monotonic effects of the innovation's magnitude and the number of incumbent firms on the expected social value.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 1","pages":"59-76"},"PeriodicalIF":0.7000,"publicationDate":"2021-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12388","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Manchester School","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/manc.12388","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
I study an R&D race among outside entities to a cost-reducing innovation of a certain magnitude and the subsequent patent licensing by the winner. The target is to study whether the expected social value of the innovation is positive or not. Sufficient conditions under which it is negative or positive are provided. I also find non-monotonic effects of the innovation's magnitude and the number of incumbent firms on the expected social value.
期刊介绍：
The Manchester School was first published more than seventy years ago and has become a distinguished, internationally recognised, general economics journal. The Manchester School publishes high-quality research covering all areas of the economics discipline, although the editors particularly encourage original contributions, or authoritative surveys, in the fields of microeconomics (including industrial organisation and game theory), macroeconomics, econometrics (both theory and applied) and labour economics.
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