Technology lock-in with horizontal and vertical innovations through limited R&D spending

Bondarev A, Greiner A (2014) Working Papers in Economics and Management; 10-2014.
Bielefeld: Bielefeld University, Department of Business Administration and Economics.

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Abstract
In this paper we analyze an inter-temporal optimization problem of a representative firm that invests in horizontal and vertical innovations and that faces a constraint with respect to total R&D spending. We find that there may exist two different steady-states of the economy when the amount of research spending falls short of an endogenously determined threshold: one with higher productivities and less new technologies being developed, and the other with more technologies being created and lower productivities. Thus, a lock-in effect may arise that, however, can be overcome by raising R&D spending sufficiently such that the steady-state becomes unique and the firm produces the whole spectrum of available technologies.
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Bondarev A, Greiner A. Technology lock-in with horizontal and vertical innovations through limited R&D spending. Working Papers in Economics and Management. Vol 10-2014. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2014.
Bondarev, A., & Greiner, A. (2014). Technology lock-in with horizontal and vertical innovations through limited R&D spending (Working Papers in Economics and Management, 10-2014). Bielefeld: Bielefeld University, Department of Business Administration and Economics. doi:10.4119/unibi/2915497
Bondarev, A., and Greiner, A. (2014). Technology lock-in with horizontal and vertical innovations through limited R&D spending. Working Papers in Economics and Management, 10-2014, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
Bondarev, A., & Greiner, A., 2014. Technology lock-in with horizontal and vertical innovations through limited R&D spending, Working Papers in Economics and Management, no.10-2014, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
A. Bondarev and A. Greiner, Technology lock-in with horizontal and vertical innovations through limited R&D spending, Working Papers in Economics and Management, vol. 10-2014, Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2014.
Bondarev, A., Greiner, A.: Technology lock-in with horizontal and vertical innovations through limited R&D spending. Working Papers in Economics and Management, 10-2014. Bielefeld University, Department of Business Administration and Economics, Bielefeld (2014).
Bondarev, Anton, and Greiner, Alfred. Technology lock-in with horizontal and vertical innovations through limited R&D spending. Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2014. Working Papers in Economics and Management. 10-2014.
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