A Dynamic Model of Stochastic Innovation Race: Leader-Follower Case

Aseev SM & Katsumoto M (2004). A Dynamic Model of Stochastic Innovation Race: Leader-Follower Case. IIASA Interim Report. IIASA, Laxenburg, Austria: IR-04-035

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Abstract

We provide steps towards analysis of rational behaviors of innovators acting on a market of a technological product. The situation when a technological leader competes with a large number of identical followers is in the focus. The process of development of new generations of the product is treated as a Poisson-type cyclic stochastic process. The technology spillovers effect acts as a driving force of the technological progress. We obtain an analytic characterization of optimal leaders R&D and manufacturing investment policies. Numerical simulations and economic interpretations are presented as well.

Item Type: Monograph (IIASA Interim Report)
Research Programs: Dynamic Systems (DYN)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 02:17
Last Modified: 29 Oct 2016 13:32
URI: http://pure.iiasa.ac.at/7411

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