The Impact of Market Structure and Learning on the Tradeoff between R&D Competition and Cooperation
比较了企业在安全投资与风险研发投资间选择时，研发竞争与合作在投资流、事前投资和社会福利上的差异，发现正外部性下竞争不如合作，负外部性下合作可能降低投资和福利。
This paper compares R&D competition and cooperation when firms can devote resources to a ‘safe’ investment or a risky R&D investment. When the discovery of a new product creates positive externalities on non‐discovering firms, equilibrium investment flow, ex ante investment, and welfare under R&D competition are less than or equal to what they are under research cooperation. With negative externalities, R&D cooperation results in the same or lower ex ante investment than under R&D competition, and social welfare may also be less. Our results have relevance for empirical studies of the impact of R&D cooperation on R&D outcomes.