This paper investigates prices and endogenous research decision for financial assets. In rational expectations models … this paper extends this setting by incorporating the research cost decision and endogenising the variance of the private … signals that short-lived investors obtain in each period. It turns out that investors will be less willing to research in …

Consider a research lab that owns a patent on a new technology but cannot develop a marketable final product based on … information, the research lab will sometimes sell two licences, even though under complete information it would have sold one …

Consider a research lab that owns a patent on a new technology but cannot develop a marketable final product based on … firms' benefits from being the sole supplier of the new product are private information, the research lab will sometimes …