Comino, Stefano; Manenti, Fabio M.; Nicolò, Antonio - In: Games and Economic Behavior 73 (2011) 2, pp. 388-401
The theoretical literature on the cumulative innovation process has emphasized the role of ex-ante licensing – namely, licensing agreements negotiated before the follow-on innovator has sunk its R&D investment – in mitigating the risk of hold-up of future innovations. In this paper, we...