创新、竞争和投资时机

Y. Koskinen, J. Maeland
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引用次数: 6

摘要

在我们的模型中,多个创新者通过向投资者提交投资建议来相互竞争。投资者选择最便宜的方案,并决定何时投资。创新者必须付出昂贵的努力,他们私下里了解投资的成本。多方努力必须得到补偿,但竞争有助于侵蚀创新者的信息租金,因为如果创新者抬高投资成本,他们更有可能在竞争中失败。因此,竞争导致更快的创新,因为投资者不太需要推迟昂贵的投资。投资者的回报敏感性也随着竞争的增加而增加,从而使投资者能够从创新活动中获得更多的好处。
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Innovation, Competition, and Investment Timing
In our model multiple innovators compete against each other by submitting investment proposals to an investor. The investor chooses the least expensive proposal and when to invest in it. Innovators have to provide costly effort and they learn privately the cost of investing. Multiple efforts have to be compensated for, but competition helps to erode innovators' informational rents, since innovators are more likely to lose the competition if they inflate investment costs. Consequently, competition leads to faster innovation, because the investor has less of a need to delay expensive investments. The investor's payoff sensitivity also increases with competition, thus enabling the investor to capture more of the upside of innovative activity.
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