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Endogenous Formation of Competitive Research Sharing Joint Ventures

Patrick Greenlee
The Journal of Industrial Economics
Vol. 53, No. 3 (Sep., 2005), pp. 355-391
Published by: Wiley
Stable URL: http://www.jstor.org/stable/3569800
Page Count: 37
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Endogenous Formation of Competitive Research Sharing Joint Ventures
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Abstract

Research sharing is an important objective of many research joint ventures. When partners share R&D but do not maximize joint profits, large consortia are more profitable than small ones, and joint ventures prefer dispersed rivals. For much of the spillover space, a coalition formation game that permits limited membership predicts that at most, three joint ventures form. Research-sharing joint ventures improve welfare when spillovers are low, and banning research sharing joint ventures is beneficial for high spillovers. With imperfect research sharing and low spillovers, allowing only research sharing is the best industry-wide joint venture alternative for consumer surplus.

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