Using real options game models, we consider the characterization of strategic equilibria associated with an asymmetric R&D race between an incumbent firm and an entrant firm in the development of a new innovative product under market and technological uncertainties. The random arrival time of...

We consider the stochastic control model with finite time horizon for a mixed duopoly R&D (Research and Development) race between the profit-maximizing private firm and welfare maximizing public firm. In our two-firm stochastic control R&D race model, the stochastic control variable is taken to...