We study equilibrium in a multistage race in which players compete in a sequence of simultaneous move component contests. Players may win a prize for winning each component contest, as well as a prize for winning the overall race. Each component contest is an all-pay auction with complete...

The purpose of this paper is to participate in the discussion of the effects of outward FDI in R&D on the home country. The main possible threat for home economies is the relocation of R&D activities to foreign regions and, as a result, the loss of technological capacity. This study contributes...

We measure the effect of R&D spillovers on plant productivity by taking account of (i) the national origin of the spillovers, (ii) the mechanism through which spillovers may flow (FDI and/or imports), (iii) the sectoral scope of spillovers, as well as (iv) their geographic scope, in a single...

This paper examines the social opportunity cost of a hypothetical public project in Australia and compares these values with the cost of the project as measured by factor prices. Since 2001, the Australian taxation system has included an ad valorem tax, the Goods and Services Tax, however...

This article analyses the competition between cash and payment cards against the backdrop of the dual role of central banks - as issuers of cash and as institutions with a mandate to foster the efficiency of payment systems in general. It is argued that this dual role results in a number of...

How does market organization affect quality innovation efforts and social welfare? Three stochastic dynamic market structures considered are monopoly, duopoly, and social planning. Products can be either linearly or nonlinearly substitutable. The introduction of a step function allows richer...

We examine how Sutton’s “bounds” approach works in a small country where industries have relatively high export and import intensities. Import competition is used as an indicator for the degree of competition in the low sunk cost industries. The bounds are estimated as stochastic...

In a generalized quality-ladder growth model, this paper firstly derives the optimal patent breadth and the socially optimal profit-sharing arrangement between patentholders. In this general-equilibrium setting, it identifies and derives a dynamic distortion of markup pricing on capital...

We estimate the effect of four types of education qualifications, as a proxy for human capital and skill levels, on GDP per capita, and compute the average percentage returns. We also test the effect of the product of each proxy of human capital with R&D on GDP per capita. We find that only...

This paper extends the principles of open source software development to a non-industry-specific level by introducing the Open Source Innovation (OSI) model. OSI exhibits main differences to other related models and concepts such as the private-collective model, commons-based peer production,...