Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/189306 
Authors: 
Year of Publication: 
2004
Series/Report no.: 
Queen's Economics Department Working Paper No. 1022
Publisher: 
Queen's University, Department of Economics, Kingston (Ontario)
Abstract: 
In each period, we have an R&D race among N competitive R&D firms, each with probability π of discovering a successful new technique for producing an intermediate good used in producing the economy's final consumption good. The winner of a race earns a monopoly profit over a generally uncertain interval. Each R&D firm faces distinctive "lottery" and "duration" uncertainty in each period. Numerical examples illustrate the growth behavior of the economy linked to the R&D sector.
Subjects: 
binomial R&D race
growth
JEL: 
O41
O31
Document Type: 
Working Paper

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