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Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Jena Economic Research Papers No. 2007,014
Verlag: 
Friedrich Schiller University Jena and Max Planck Institute of Economics, Jena
Zusammenfassung: 
We experimentally investigate competition in innovation in a patent race scenario. Pairs of subjects compete as seller firms on a duopoly market, engaging in risky search investments. Successful innovation is rewarded through temporary monopoly rents. Throughout the interaction, subjects receive feedback on own and other’s search success and profit margin. Partitioning subjects into subgroups of investor types reveals that the majority of subjects condition investments on the degree of competition as measured by sales shares, while for others no correlation is ascertained. Heterogeneity in individual risk attitudes and differing experiences with related search tasks may explain this finding.
Schlagwörter: 
innovation
competition
imitation
patent race
JEL: 
D81
L11
O31
Dokumentart: 
Working Paper

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