product market via R&D innovations. Appropriability is characterised as the
extent to which the lead patent affects the innovation probability of the rival,
whose technological opportunities thereby expands or contracts. We find that
R&D investment is more procyclical the weaker the appropriability. Also, from
the interconnectedness between appropriability and technological opportunities
four investment mechanisms emerge. With weak appropriability, demand-pulled
investments supplement low technological opportunities, while stronger
opportunities are seized via early R&D leadership (at lower level of the demand)
resulting in early monopoly, persisting longer the easier the innovation
and more volatile the demand. With strong appropriability instead early R&D
leadership supplements low technological opportunities, while strong opportunities
trigger early patent races and drive investment towards the Marshallian
trigger. The response of R&D investment to adverse changes in the demand
CV in breve:
Adriana Breccia lavora come consulente presso Risk Control Ltd. a Londra.
Sino al 2017 e' stata sessional lecturer al Birkbeck, School of Economics Mathematics and Statistics,
dove ha insegnato credit risk e martingale pricing e, dal 2004 al 2010, e' stata lecturer in financial economics all'Università' di York - Dept. of Economics & Related Studies.
La sua area di ricerca e' pricing e real options con applicazioni a rischi di credito e economia industriale.