ABSTRACT The purpose of the present paper is to study the phenomenon of innovative effort performed in absence of clear benefits from innovation. Firstly, the macroeconomic context is introduced, then a model of firm’s behaviour is developed, followed by the study of six cases: Ford Motor, General Motors, Honda, Chevron, Akzo Nobel and IBM. In conclusion, the paper identifies two possible Nash’s dynamic equilibriums of firms’ strategies, each allowing an economy-wide technological progress without significant premium on innovation.
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