Innovation Races with the Possibility of Failure
Subhasish M. Chowdhury; Stephen Martin;
- Subject: innovation, research & development, R&D joint ventures, parallel research projects.
- jel: jel:L13 | jel:O31 | jel:O38
The standard innovation race specification assumes a memoryless exponential distribution for the time to success of an R&D project. This specification implies that a project succeeds, eventually, with probability one. We introduce a positive probability that an R&D proj... View more
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