Is the Market Biased against Risky R&D?
分析企业在赢家通吃的专利竞赛中如何选择研发风险，发现当发明时间分布对称时，市场均衡可能比社会最优风险更高，且仅在竞争者较少时出现。
This article analyzes the riskiness of the R&D strategies chosen by firms engaged in a winner-takes-all patent race. In contradiction to Dasgupta and Stiglitz (1980) we show that, when the distribution of invention times is symmetric, the market equilibrium cannot be safer and may be riskier than is socially optimal. We identify the economic reason for the emergence but only if there are few competitors.