Doraszelski, Ulrich - Society for Computational Economics - SCE - 2001
prize. Firms compete to be the first by investing in R&D. As a by-product of its R&D effort, a firm accumulates knowledge …. This knowledge stock is valuable even if success is not immediate. On the other hand, over time a firm's knowledge base … exponential distribution. Unlike models of multi-stage races where the stages or experience levels are mere labels, knowledge is …