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OPTIMAL R&D COMPETITION AND ECONOMIC GROWTH

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한국경제학회 (The Korean Economic Association)|2006.12|The Korean Economic Review|제22권 제2호|pp. 267-297

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참고문헌

주제분류경제학

초록

Abstract

The optimality of R&D competition and its implications on growth and welfare are analyzed in a dynamic general equilibrium model. By explicitly incorporating pre-emptive R&D competition, the relationship between the intensity of competition and the growth rate can be investigated. This paper shows that in the competitive growth path, the number of research firms is larger and the rate of growth is lower than in the optimal growth path. By reducing entry into R&D competition by imposing an entry fee from which the winner of competition is subsidized, this sub-optimality arising from excessive competition could be overcome.

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