Rivalry and the Timing of Innovation

Gary C. Fethke and John J. Birch

Bell Journal of Economics, 1982, vol. 13, issue 1, 272-279

Abstract: The literature on product innovation usually assumes that the probability distribution governing the timing of innovations is the memoryless exponential distribution. We develop a probability model for the minimum time to innovation for a large number of rivals that does not exhibit the limitations of the exponential model. An optimization problem for a single firm is analyzed using this probability distribution and the results are compared with those for the traditional case.

Date: 1982
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