Strategic R & D policy : R & D investment and oligopolistic market under uncertainty

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When the degree of interrelation between economies becomes bigger and the market becomes more competitive, firms with limited resource try to invest in production and R & D strategically and keep their competitiveness. With characteristic of public goods, however, technology produced by R & D activities is explosed to market failure. Since innovation brought by R & D investment is said to contribute to the growth, government must introduce R & D policy if the magnitude of social loss is huge. Moreover, efficient management of investment strategies is indispensable because there is always uncertainty in R&D investment. Under those circumstances, it is common that firms organize a research joint venture(RJV) in order to utilize economies of scale in R & D activities and avert R & D spillovers. On the other hand, RJV may cause X-inefficiency because there are asymmetric information and interests of member firms can be different.It is important to investigate what are the efficient investment strategies for oligopolistic firms and what are the appropriate R & D policies. And, how market structure in goods affects R & D rivalry, or adversely, R & D competition affects market structure is also studied. But, these questions are not fully answered systematically in literature on strategic R & D investment. Our main objective is to analyze those issues in the models with incomplete information under uncertainty. The following are the topics which are dealt in this research project :1.Make a survey of theoretical literature on firm's strategic R & D investment and its strategic choice of foreign operations and government's R & D policy.2.To build a model which internalizes investment strategies of a multinational enterprise when its resource is constrained.3.Investigate interrelation between market structure and the performance of firm's R & D investment when asymmetric information in organizations and uncertainty in R & D are assumed.