Economic theory and empirical evidence indicate that technological innovation is an important determinant of long-term economic development. Various country policies have been launched in favour of private research and development (R&D) with economic development as the main objective. As often...

The modelling of the relationship between innovation and competition through the theory of auction is simplistic. Researchers are re-evaluating previously tenuous assumptions in order to validate these thoughts for empirical use. However, the empirical verifications of this modelling remain...