Multimarket Exploitation: The Case of Biotechnology and Chemicals
研究生物技术发展方向如何受企业既有利益影响：化学公司倾向开发依赖化学品的生物技术，而非化学公司则开发替代品，导致投资与产量差异，并受农业政策影响。
Abstract Biotechnology enables rapid development of products with specific characteristics. We show that those who control the direction of biotechnology development influence the resulting industry structure. Through multimarket exploitation, chemical companies develop biotechnology that increases dependence on chemicals, whereas nonchemical companies tend toward development of biotechnology that substitutes for chemicals. Chemical companies tend to both underinvest and underproduce. Conversely, firms without vested chemical interests tend to overinvest and overproduce—even with monopoly‐enabling patents. Results show how the consequent industry structure can be affected by choice of agricultural policy.