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Multi-task Research and Research Joint Ventures

Author

Listed:
  • La Manna Manfredi M.

    (Manfredi M. La Manna: University of St. Andrews, UK)

Abstract

The paper shows that, whenever the completion of a research project requires the overcoming of more than one research obstacle, then Research Joint Ventures enjoy an intrinsic advantage relative to independent firms. This advantage, which has hitherto escaped attention in the RJV literature, relates to the RJV’s ability to organize research more efficiently than independent firms. The fact that RJVs can be both more profitable and yield higher expected net welfare than independent firms is surprising because it is derived from a model in which RJVs do not optimize over R&D investment. The paper exploits a basic result in systems reliability theory to establish the organizational superiority of RJVs.

Suggested Citation

  • La Manna Manfredi M., 2013. "Multi-task Research and Research Joint Ventures," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 13(1), pages 59-77, April.
    • Handle: RePEc:bpj:bejtec:v:13:y:2013:i:1:p:19:n:2
    DOI: 10.1515/bejte-2012-0004
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    References listed on IDEAS

    as
    1. Carliss Y. Baldwin & Kim B. Clark, 2000. "Design Rules, Volume 1: The Power of Modularity," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262024667, April.
    2. Yannis Caloghirou & Stavros Ioannides & Nicholas S. Vonortas, 2003. "Research Joint Ventures," Journal of Economic Surveys, Wiley Blackwell, vol. 17(4), pages 541-570, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    research joint ventures; spillovers; organization of R&D; multi-task research; multi-path research; systems reliability theory;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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