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Managing spillovers: an endogenous sunk cost approach

Identifikátory výsledku

  • Kód výsledku v IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F16%3A00459415" target="_blank" >RIV/00216208:11640/16:00459415 - isvavai.cz</a>

  • Výsledek na webu

    <a href="http://dx.doi.org/10.1016/j.infoecopol.2016.02.002" target="_blank" >http://dx.doi.org/10.1016/j.infoecopol.2016.02.002</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1016/j.infoecopol.2016.02.002" target="_blank" >10.1016/j.infoecopol.2016.02.002</a>

Alternativní jazyky

  • Jazyk výsledku

    angličtina

  • Název v původním jazyce

    Managing spillovers: an endogenous sunk cost approach

  • Popis výsledku v původním jazyce

    For many real-world markets (such as media, telecommunications, high tech markets, commercial aircrafts, etc.), incurring endogenous sunk costs (in the form of quality enhancing expenditures), in the presence of R&D spillovers, is an essential feature of competition. We study the interaction between these sunk costs and R&D spillovers relying on the Sutton’s concept of endogenous sunk costs and show that with spillovers increasing and the effectiveness of investment in raising quality decreasing, the lower bound on concentration for an industry decreases and ultimately collapses to zero when spillovers are large enough and/or effectiveness of investment is low enough. We also show that for an intermediate range of spillovers firms do invest in R&D although the market structure becomes fragmented as market size grows (no lower bound). In the second part, we allow firms to protect their investment against spillovers and focus on the symmetric equilibria, where all firms either protect their investment or do not protect at all. We show that higher spillovers and/or lower effectiveness of investment may induce firms to protect themselves against spillovers, leading to higher investment in quality, and to more concentrated market structure. Thus, the Sutton’s result on the concentration bound is preserved.

  • Název v anglickém jazyce

    Managing spillovers: an endogenous sunk cost approach

  • Popis výsledku anglicky

    For many real-world markets (such as media, telecommunications, high tech markets, commercial aircrafts, etc.), incurring endogenous sunk costs (in the form of quality enhancing expenditures), in the presence of R&D spillovers, is an essential feature of competition. We study the interaction between these sunk costs and R&D spillovers relying on the Sutton’s concept of endogenous sunk costs and show that with spillovers increasing and the effectiveness of investment in raising quality decreasing, the lower bound on concentration for an industry decreases and ultimately collapses to zero when spillovers are large enough and/or effectiveness of investment is low enough. We also show that for an intermediate range of spillovers firms do invest in R&D although the market structure becomes fragmented as market size grows (no lower bound). In the second part, we allow firms to protect their investment against spillovers and focus on the symmetric equilibria, where all firms either protect their investment or do not protect at all. We show that higher spillovers and/or lower effectiveness of investment may induce firms to protect themselves against spillovers, leading to higher investment in quality, and to more concentrated market structure. Thus, the Sutton’s result on the concentration bound is preserved.

Klasifikace

  • Druh

    J<sub>x</sub> - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

  • CEP obor

    AH - Ekonomie

  • OECD FORD obor

Návaznosti výsledku

  • Projekt

  • Návaznosti

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Ostatní

  • Rok uplatnění

    2016

  • Kód důvěrnosti údajů

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Údaje specifické pro druh výsledku

  • Název periodika

    Information Economics and Policy

  • ISSN

    0167-6245

  • e-ISSN

  • Svazek periodika

    35

  • Číslo periodika v rámci svazku

    June

  • Stát vydavatele periodika

    NL - Nizozemsko

  • Počet stran výsledku

    20

  • Strana od-do

    45-64

  • Kód UT WoS článku

    000376816300004

  • EID výsledku v databázi Scopus

    2-s2.0-84963541672