| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4104 |
| DP4104 Duration Dependence in Stock Prices: An Analysis of Bull and Bear Markets | |
| Henry Allan Timmermann; Asger Lunde | |
| 发表日期 | 2003-11-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | How can we explain the success of cooperative networks of firms that share innovations, such as Silicon Valley or the Open Source community? This Paper shows that if innovations are cumulative, making an invention publicly available to a network of firms may be valuable if the firm expects to benefit from future improvements made by other firms. A cooperative equilibrium where all innovations are made public is shown to exist under certain conditions. Furthermore, such equilibrium does not rest on punishment strategies being followed after a deviation: it is optimal not to deviate regardless of other firm?s actions following a deviation. A cooperative equilibrium is more likely to arise, the greater the number of firms in the network. When R&D effort is endogenous, cooperative equilibria are associated with strategic complementarities between firms? research effort, which may lead to multiple equilibria. |
| 主题 | International Macroeconomics |
| 关键词 | R&d Cooperation Innovation Growth Technical progress Information sharing Open source Silicon valley Cumulative knowledge |
| URL | https://cepr.org/publications/dp4104 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533079 |
| 推荐引用方式 GB/T 7714 | Henry Allan Timmermann,Asger Lunde. DP4104 Duration Dependence in Stock Prices: An Analysis of Bull and Bear Markets. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
