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In order to deliver an innovation principals employ competing agents in some circumstances, while employing research team in other circumstances. This paper compares various structures of R&D to provide a rational behind this observation. It is assumed, that the principal can employ either one...
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consumers. The regulator designs a mechanism that guarantees financing of the essential input and adequate competition in the …
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players. At stage two, both players observe the given level of risk and simultaneously invest in a winner-take-all competition …
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as suggested in consumer research. On this basis, we investigate monopoly and competition between firms, described via an …
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