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Better late than early : vertical differentiation in the adoption of a new technology

Author: Prajit K Dutta; Saul Lach; Aldo Rustichini; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, [1993]
Series: Working paper series (National Bureau of Economic Research), working paper no. 4473.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: After the initial breakthrough in the research phase of R & D a new product undergoes a process of change, improvement and adaptation to market conditions. We model the strategic behavior of firms in this development phase of R & D. We emphasize that a key dimension to this competition is the innovations that lead to product differentiation and quality improvement. In a duopoly model with a single adoption  Read more...
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Additional Physical Format: Print version:
Dutta, Prajit K.
Better late than early.
Cambridge, MA : National Bureau of Economic Research, [1993]
(OCoLC)29233660
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Prajit K Dutta; Saul Lach; Aldo Rustichini; National Bureau of Economic Research.
OCLC Number: 647030617
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (25, [2] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 4473.
Responsibility: Prajit K. Dutta, Saul Lach, Aldo Rustichini.

Abstract:

Abstract: After the initial breakthrough in the research phase of R & D a new product undergoes a process of change, improvement and adaptation to market conditions. We model the strategic behavior of firms in this development phase of R & D. We emphasize that a key dimension to this competition is the innovations that lead to product differentiation and quality improvement. In a duopoly model with a single adoption choice, we derive endogeneously the level and diversity of product innovations. We demonstrate the existence of equilibria in which one firm enters early with a low quality product while the other continues to develop the technology and eventually markets a high quality good. In such an equilibrium, no monopoly rent is dissipated and the later innovator makes more profits. Incumbent firms may well be the early innovators, contrary to the predictions of the hypothesis.

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