PROJECT CHOICE AND RISK IN R&D*
在霍特林模型中引入随机研发，发现技术风险高时所有企业聚焦最有价值市场；企业选择安全或风险技术时，要么都瞄准热门市场且至少一家用风险技术，要么选择不同利基项目并用安全技术。研发溢出促进项目差异化，专利保护则相反；研发联合体中的项目协调增加差异化并可能提升福利。
We introduce stochastic R&D in the Hotelling model and show that if the technical risk is sufficiently high, all firms focus on the most valuable market segment. We then endogenize technical risk by allowing firms to choose between a safe and a risky R&D technology. Firms either both target the most attractive market with at least one firm using the risky technology or they choose different niche projects and both apply the safe technology. R&D spillovers lead to more differentiated R&D projects and patent protection to less. Project coordination within an RJV implies more differentiation, and may be welfare-improving.