Bhattacharya, Sudipto; Guriev, Sergei - In: Journal of the European Economic Association 4 (2006) 6, pp. 1112-1147
We develop a model of two-stage cumulative research and development (R&D), in which one research unit (RU) with an innovative idea bargains to license its nonverifiable interim knowledge exclusively to one of two competing development units (DUs) via one of two alternative modes: an open sale...