Dynamic R&D Competition with Memory

Engelbert Dockner, Gustav Feichtinger and Alexander Mehlmann

Journal of Evolutionary Economics, 1993, vol. 3, issue 2, 145-52

Abstract: We consider a differential game of R&D competition and explore the impact of rivalry on the firms' investment behavior over time. Using closed-loop strategies and hence allowing for strategic interactions among rival firms, we show that R&D spending by the individual competitor is increased due to competition in the race for priority. This leads us to argue that competitive encounters enhance R&D activities at the same time as increasing efficiency in the race for a technological breakthrough.

Date: 1993
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