This paper proposes Bayesian methods for estimating the cointegration rank in an automatic way using Bayes factors. First, we consider natural conjugate priors for computing Bayes factors for the adjustment term. Since using conjugate priors requires that we assign the prior parameters of which...

This paper introduces a model of coordination of research paths into the theory of Research Joint Ventures (RJVs). A comparison of RJVs and licensing by non-cooperative firms shows that the latter may be unable to co-ordinate on complementary research paths whereas RJVs are always able to do...