Abstract
This article summarizes recent theoretical and empirical research on R&D races. Two canonical models of an R&D race are described, and their implications for the investment behaviour of incumbent leaders and potential entrants are discussed.
Empirical studies that attempt to verify or refute the implied patterns of investment are also discussed.
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Reinganum, J.F. (2018). R&D Races. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2660
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2660
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Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
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