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Multi-task research and research joint ventures

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Abstract

The paper shows that, whenever the completion of a research project requires the overcoming of more than one research obstacle, then Research Joint Ventures enjoy an intrinsic advantage relative to independent firms. This advantage, which has hitherto escaped attention in the RJV literature, relates to the RJV’s ability to organize research more efficiently than independent firms. The fact that RJVs can be both more profitable and yield higher expected net welfare than independent firms is surprising because it is derived from a model in which RJVs do not optimize over R&D investment. The paper exploits a basic result in systems reliability theory to establish the organizational superiority of RJVs.
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Original languageEnglish
Pages (from-to)1-19
Number of pages19
JournalThe B.E. Journal of Theoretical Economics
Volume13
Issue number1
Early online date24 Apr 2013
DOIs
Publication statusPublished - Apr 2013

    Research areas

  • Research joint ventures, Spillovers, Organization of R&D, Multi-task research, Systems reliability theory

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