There is evidence that competing firms delegate R&D to the same independent profit-maximizing laboratory. We draw on this stylized fact to construct a model where two firms in the same industry offer transfer payments in exchange of user-specific R&D services from a common laboratory. Inter-firm...

The financial and economic crisis of 2008and 2009 has taken its toll on the SouthAfrican economy. The economy contractedfor the first time since 1998, and enteredrecession during the fourth quarter of 2008.The GDP contraction was soon transmittedto the labor market. Between the secondquarters of...

Evidence on adverse selection in slave markets remains inconclusive. A necessary prerequisite is that buyers and sellers have different information. We study informational asymmetry on the slave markets through notarial acts on public slave auctions in Mauritius between 1825 and 1835, involving...

This article distinguishes two R&D externalities: technical and competitive. We show that the main results in the literature are obtained by comparing the magnitude of those two externalities if the inverse demand function is linear. Moreover, we conclude that in cooperative R&D agreements,...