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Commitment and Efficiency in Research Joint Ventures

In: Competition, Cooperation, Research and Development

Author

Listed:
  • Rune Stenbacka
  • Mihkel M. Tombak

Abstract

Competition policy in most industrial countries allows for and even encourages research joint ventures. A research joint venture (RJV) is a contractural arrangement whereby the partners share in the costs and benefits of the research. RJVs are a way in which research funds can be leveraged and a way to mitigate appropriability problems associated with the public goods aspect of the knowledge created through research. The contractual agreements which form the basis of RJVs can take a number of forms. These agreements can irreversibly specify the allocation over time of the outlays of the resources of the partners. Alternatively, RJVs can be based on flexible agreements where the funding is subject to periodic review by the partners. In this chapter we study how the investments of RJVs in cost-reducing R&D are affected by the degrees of commitment implied by the contractual arrangements. We also investigate the main implications for the cost efficiency of the industry as well as the corresponding welfare effect.

Suggested Citation

  • Rune Stenbacka & Mihkel M. Tombak, 1997. "Commitment and Efficiency in Research Joint Ventures," Palgrave Macmillan Books, in: Joanna A. Poyago-Theotoky (ed.), Competition, Cooperation, Research and Development, chapter 8, pages 138-158, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25814-7_8
    DOI: 10.1007/978-1-349-25814-7_8
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    Cited by:

    1. Kovác, Eugen & Vinogradov, Viatcheslav & Zigic, Kresimir, 2010. "Technological leadership and persistence of monopoly under endogenous entry: Static versus dynamic analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1421-1441, August.
    2. Aikaterini KOKKINOU, 2010. "Economic growth, innovation and collaborative research and development activities," Management & Marketing, Economic Publishing House, vol. 5(1), Spring.

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