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Why does patience vary across individuals and countries? We provide evidence on a widely-hypothesized mechanism, namely that higher longevity fosters patience. Using data on patience for 80,000 individuals in 76 countries, this paper relates exogenous variation in longevity across...
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This paper develops a three stage oligopoly game for R&D cooperation, R&D expenditure and product market competition … level of R&D investment is determined. Finally, firms compete in a Cournotoligopoly product market. While earlier models on … R&D cooperation only considered process innovation, the model presented here also takes product innovation into account …
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From a firm’s perspective two competing forces are driving the decision to invest in innovation. On the one hand, innovative performance is an important driver of profitability and growth. On the other hand, investments in innovation suffer from negative externalities, i.e. spillovers to other...
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