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Two firms dominate the market for surgical sutures and compete aggressively with respect to research and development. The following payoff table depicts the profit implications of their different R&D strategies.
a. Suppose that no communication is possible between the firms; each must choose its R&D strategy independently of the other. What actions will the firms take, and what is the outcome?
b. If the firms can communicate before setting their R&D strategies, what outcome will occur? Explain.
Low Firm A's R&D Medium
Spending
Firm B's R&D Spending Low Medium High
8, 11
6, 12
5, 14
12, 9
8, 10
6, 8
11, 6
10, 8
4, 6
High
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