This paper considers three firms that engage in an R&D contest to develop a new profitable technology. For a broad range of parameters, the firm that leads the contest (i.e., has the highest probability of success) is better-off licensing or selling its superior interim knowledge to one of the...

Only little is known about entertainment acquisition and production, especially the international format trade, even though it has a worldwide market volume of about 2.4 bn €. Format trade is a process along the stages of creating, distributing, producing or reproducing, and broadcasting...