Caulkins, Jonathan P.; Feichtinger, Gustav; Grass, Dieter; … - In: Journal of Economic Dynamics and Control 35 (2011) 4, pp. 462-478
The paper considers the problem of a firm that, while producing a standard product, has the option to introduce an innovative product. The innovative product competes with the standard product and will therefore reduce revenues of the standard product. A distinction is made between innovative...