This paper studies the choice of cooperative versus non-cooperative R&D under incomplete information about the innovation size of the rival. It is assumed that the R&D outcome is stochastic and continuously distributed with a given mean and a constant variance. We show that the incentive for...

The revenue equivalence theorem is an widely known result in Auction Theory. This note generalize that theorem for the case of Sequential Auctions. Our results show that under a class of Sequential Auction, if an symmetric and increasing equilibrium bidding strategy exists, then the revenue...