Bhattacharya, Sudipto; Guriev, Sergei - C.E.P.R. Discussion Papers - 2004
We develop a model of two-stage cumulative research and development (R&D), in which one Research Unit (RU) with an innovative idea bargains to license her non-verifiable interim knowledge exclusively to one of two competing Development Units (DUs) via one of two alternative modes: an open sale...