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- W3123466705 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 can 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. But, for a higher amount of R&D spending the steady-state becomes unique and the firm produces the whole spectrum of available technologies. Thus, a lock-in effect may arise that, however, can be overcome by raising R&D spending sufficiently." @default.
- W3123466705 created "2021-02-01" @default.
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- W3123466705 date "2017-07-29" @default.
- W3123466705 modified "2023-09-24" @default.
- W3123466705 title "Technology lock-in with horizontal and vertical innovations through limited R&D spending" @default.
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- W3123466705 doi "https://doi.org/10.1007/s10288-017-0348-0" @default.
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