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The discussion in the text presumed a particular form of patent policy, which provided ex post monopoly power to the innovator. An alternative intellectual property rights policy is licensing: firms that have made an innovation can license the rights to use this innovation to others. This exercise asks you to work through the implications of this type of licensing. Throughout, think of the licensing stage as follows: the innovator can make a take-it-or-leave-it-offer to one or many firms so that they can buy the rights to use the innovation (and produce as many units of the output as they like) in return for some licensing fee ν. Consider a competitive environment, and show that if firm 1 is allowed to license its innovation to others, this can never raise its profits and can never increase its incentives to undertake the innovation. Provide an intuition for this result. Now modify the model, so that each firm has a strictly convex and increasing cost of producing, ψ1(q), and also has to pay a fixed cost of ψ0 > 0 to be active (so that the average costs take the familiar inverted U shape). Show that licensing can be beneficial for firm 1 in this case and therefore increase innovation incentives. Explain why the results differ between the two cases.
Suppose you borrowed 10,000 dollars at an interest rate of 8 percent compounded monthly over 36 months. At the end of the first year( 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 8 equal quarterly payme..
My wages are going up 5 percent a year. If only inflation weren t 5 percent a year, I would be rich.
Penelope wants to buy a car that is worth $43,195 by making a $4300 down payment and arranging a four-year lease that calls for monthly payments in advance, interest of 2.91 percent compounded monthly, and a buyout payment of $20,000
In a day of production, firms in Angola can produce 200 liters of oil or 100 kilograms of tungsten. Firms in Namibia can produce 160 liters of oil or 60 kilograms of tungsten. Which country has comparative advantage in tungstenabsolute advantage in..
According to Yahoo Finance, on a twelve trailing month (TTM)basis, Heinz has a Return on Assets of 9.59%, and a Return onEquity of 56.28%. By way of comparison, ConAgra(CAG) had a Return on Assets of 6.45% and a Return on Equity of 11.16%.
Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gain of cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorde..
Suppose that Roy could choose how many hours to work at a wage of W and choose to work 7 hours a day. The employer now offers him time-and-a-half wages(1.5W) for every hour he works beyond a minimum of 8 hours per day. Show how his budget constrai..
How much money was deposited each year for 10 years if the account is now worth $500,000 and the last deposit was made 8 years ago Assume the account earned interest at 8% per year.
Suppose banks are required by law to hold 5% of their deposits in reserves and total deposits are $100 million, but banks choose to hold a total of 20% of their deposits in reserves because loans are riskier and potentially unprofitable. Calculate..
What are the profit-maximizing price that High-Tech should charge if they sell each product separately and what is the total price of the two goods?
What do the measures above tell us about consumer behavior? Have incomes changed enough to offset the inflation since 2000? What can we predict about future inflation?
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.Qd = 424 - 40P Qs = 40 + 8P What is the equilibrium price and quantity for the industry?
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