Patent-Investment Games Under Asymmetric Information

摘要: This paper analyzes preemptive patenting in a two-stage real options game where an incumbent firm competes with potential entrant for the patent of substitute product market profit flow uncertainty. The suffers loss monopoly if acquires and later commercializes product. Our patent-investment model assumes that has complete information on incumbent’s commercialization cost while only knows distribution entrant’s cost. We investigate impact asymmetry preemption strategies adopted by two competing firms comparing optimal option value functions under asymmetry. analysis reveals informationally disadvantaged always from its investment since it tends to act more aggressively patent. On other hand, advantaged may be undermined or enhanced. aggressive response lead reversal winner race. also examine how affect occurrence sleeping corresponding expected duration between stages commercialization.