Research Collaborations with Sequential Investments
Bibliographic Data
| ID | 9725405 |
|---|---|
| Authors | Christoph Lülfesmann (University of Bonn, corresponding author) |
| Year | 2004 |
| Volume | 71 |
| Issue | 282 |
| Pages | 241-259 |
| Publication date | 2004-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.0013-0427.2004.00368.x |
| OpenAlex | W2129317918 |
| Language | EN |
| Citations received | 1 |
| References cited | 15 |
The paper investigates research collaborations where one partner performs R&D at an initial stage whereas the second partner subsequently invests in the success of a joint project. We allow for any degree of uncertainty of the project's success. It is shown that exclusive ownership of one partner necessarily triggers suboptimal initial research even if renegotiation is admitted. Conversely, joint ownership in form of an equity joint venture or a contingent ownership structure (an option‐to‐buy arrangement) may facilitate an efficient outcome. In equilibrium, the initially chosen governance structure is always renegotiated which conforms well with empirical evidence
Business · Commerce · Corporate governance · Economics · Equity (law) · Industrial organization · Joint (building) · Joint venture · Microeconomics · Outcome (game theory) · Political science · Capital Investment and Risk Analysis · Climate Change Policy and Economics · Finance · Innovation Policy and RD
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,11 |
| Citation span | 2017 - 2017 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |