혼합복점시장에서 R&D 리스크의 선택과 민영화
The Choices of R&D Risk in a Mixed Duopoly Market and Privatization Policy
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본 연구는 공기업과 사기업이 경쟁하는 혼합복점시장에서 선택되는 R&D 리스크를 분석하고, 민영화의 효과와 정책적 시사점을 제시한다. 분석의 주요결과는 다음과 같다. 첫째, 기대소비자잉여와 기대사회후생의 변화는 공기업의 R&D 리스크 선택에 중요하기 때문에 공기업은 사기업에 비해 R&D 리스크가 높은 R&D 투자 프로그램을 선택하며, 두 기업 간 R&D 리스크 선택의 차이는 상품의 대체성 정도가 증가함에 따라 증가한다. 둘째, 혼합시장의 사회최적을 달성시키는 R&D 리스크에 비해 사기업은 더 낮은 R&D 리스크를 선택하기 때문에 정부는 혼합시장의 경쟁도를 진작시키면서 사기업이 높은 R&D 리스크를 선택하도록 지원해야 한다. 셋째, 공기업을 민영화하면 이윤을 추구하는 기업이 선택하는 R&D 리스크는 사회적으로 과소한 수준이 되기 때문에 정부는 민영화 이후에 민간시장에서 더 높은 R&D 리스크가 선택되도록 민영화 정책을 보완해야 한다.
Abstract
This paper investigates the choices of R&D risk in a mixed duopoly market, where public and private firms compete with differentiated products and R&D investments. We then examine the effects of privatization and provide policy-relevant implications. The main findings are as follows: first, both expected consumer surplus and expected social welfare increase more with the R&D risk of public firm. Thus, public firm chooses a higher R&D risk than that of private firm, and the difference of the choices of R&D risk between two firms increases as product substitutability increases. Second, private firm chooses a lower R&D risk than the social optimum in a mixed market. Therefore, government should not only encourage the private firm to choose a higher R&D risk, but increase the intensity of market competition. Third, privatization policy induces profit-oriented privatized firm to choose a lower R&D risk. Thus, government should provide R&D incentives to encourage the firms to choose higher R&D risks in a private market.
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