A statistical mechanics approach to measure peer-to-peer effects in Pharma research and development investments

Mascia Ferrari, Micaela Fedele, Rachele Luzi and Cecilia Vernia

Physica A: Statistical Mechanics and its Applications, 2025, vol. 658, issue C

Abstract: A multi-populated mean-field model applied on financial data from U.S. pharmaceutical and biotechnological companies is used to measure if a company investing in Research and Development (R&D) is influenced by the interaction with other firms (peer-to-peer effect). This model allows us to estimate the mutual influence among firms as well as their own inner propensity to invest in R&D. Our database covers the period 1989–2012. We validate our results out of sample by comparing them with the data of the period 2013–2019.

Keywords: Boltzmann machine; Peer-to-peer effect; Multi-populated mean-field models; Imitative behavior; Utility function (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:658:y:2025:i:c:s0378437124008070

DOI: 10.1016/j.physa.2024.130297

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