One of the main topics regarding R&D investment in economics is “R&D market failure”. This is imputed that knowledge, which is the primary output of R&D, has spillover effects due to its public-good-like properties. It cause incomplete appropriability of innovating firm and will lead the...

In a highly competitive environment a product’s commercial success depends increasingly more upon the ability to satisfy consumers’ preferences that are highly diversified. Since a consumer product typically comprises a host of technological attributes, its market value incorporates all of...