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Spence (1984) - Cost Reduction Competition And Industry Performance (view source)
Revision as of 18:51, 3 December 2010
, 18:51, 3 December 2010no edit summary
*The goods produced are the same (i.e. the product is homogenous)
*R&D is done at the outset in a lump (this comes from the model) - which allows us to treat everything as present values.
==The Symmetric Case==
