We study bilateral cross-licensing agreements among N( 2) firms that engage in competition after the licensing phase. It is shown that the most collusive cross- licensing royalty, i.e. the one that allows the industry to achieve the monopoly pro.t, is sustainable as the outcome of bilaterally...

We study equilibrium in a multistage race in which players compete in a sequence of simultaneous move component contests. Players may win a prize for winning each component contest, as well as a prize for winning the overall race. Each component contest is an all-pay auction with complete...