Using newly available data at the firm level, this study provides convincing evidence of the importance of financial constraints in explaining the timing of innovations in the German services sector. Based on a dynamic model of firms' optimal R&D behavior under financial constraints, we estimate...

This paper analyzes the influence of Information structure on the process of knowledge accumulation in a differential game of duopolistic R&D competition. By comparing open-loop and feedback Nash equilibria, representing imperfect and perfect information structures, we show that in the feedback...

This paper analyzes the influence of Information structure on the process of knowledge accumulation in a differential game of duopolistic R&D competition. By comparing open-loop and feedback Nash equilibria, representing imperfect and perfect information structures, we show that in the feedback...