Judd, Kenneth L.; Schmedders, Karl; Yeltekin, Sevin - 2007
allocation of the benefits that flow from the innovation. Most patent races end before R&D is completed and the prize to the … innovator is often less than the social benefit of the innovation. We study the optimal combination of prize and minimal … accomplishment necessary to obtain a patent in a dynamic multistage innovation race. A planner, who cannot distinguish between …