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In: The Economic Journal, Volume 102, Issue 412, p. 685
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In: The Economic Journal, Volume 102, Issue 412, p. 685
In: The Economic Journal, Volume 101, Issue 408, p. 1309
In: The Economic Journal, Volume 87, Issue 348, p. 799
There are few industries in modern market economies that do not manufacture differentiated products. This book provides a systematic explanation and analysis of the widespread prevalence of this important category of products. The authors concentrate on models in which product selection is endogenous. In the first four chapters they consider models that try to predict the level of product differentiation that would emerge in situations of market equilibrium. These market equilibria with differentiated products are characterised and then compared with social welfare optima. Particular attention is paid to the distinction between horizontal and vertical differentiation as well as to the related issues of product quality and durability. This book brings together the most important theoretical contributions to these topics in a succinct and coherent manner. One of its major strengths is the way in which it carefully sets out the basic intuition behind the formal results. It will be useful to advanced undergraduate and graduate students taking courses in industrial economics and microeconomic theory
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In: The Economic Journal, Volume 95, Issue 380, p. 1107
In: The economic journal: the journal of the Royal Economic Society, Volume 114, Issue 492, p. i-i
ISSN: 1468-0297
In: Economica, Volume 59, Issue 234, p. 255
In: The Economic Journal, Volume 100, Issue 402, p. 968
In: Bulletin of economic research, Volume 41, Issue 3, p. 163-184
ISSN: 1467-8586
In: The Economic Journal, Volume 99, Issue 395, p. 74
In: The Economic Journal, Volume 97, p. 32
In: Bulletin of economic research, Volume 50, Issue 1, p. 47-59
ISSN: 1467-8586
The paper presents a non‐tournament model of process innovation with spillovers in the R&D process when firms engage in Cournot competition in the product market. It is shown that careful modelling of information‐sharing and coordination of research activities leads to the conclusion that a Research Joint Venture (RJV) will economize on scarce R&D resources. There is an analysis of the effects of R&D cooperation, in the form of an RJV, on the organization of R&D, i.e. the efficient number of research labs. R&D expenditure, which precedes production, results in lower unit costs. R&D is modelled as a two‐stage process: in the first stage, firms incur expenditure that will generate new knowledge, while in the second stage this knowledge is employed to reduce unit costs. A distinction is made between single and complementary research paths. It is shown that the RJV will operate one lab in the case of a single research path exploiting its coordination advantage. In the case of complementary research paths the number of labs the RJV will operate crucially depends on the stage of the R&D process at which diminishing returns occur: it will operate both labs when diminishing returns occur at the first stage (creation of knowledge), while it will be indifferent as to the number of labs, one or two, when diminishing returns occur in the second stage (cost reduction).
In: The Economic Journal, Volume 102, Issue 412, p. 650
In: The Economic Journal, Volume 93, Issue 372, p. 926