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Loury (1979) - Market Structure And Innovation (view source)
Revision as of 15:39, 17 November 2010
, 15:39, 17 November 2010→Solution concept
This is presumably constructed by taking:
:<math>\Pi = \int_0^{\infty} \left( \underbrace{pr(\tau_i \le \min(\hat{\tau_i},t)) }_{\mbox{Prob of winning at t}} \cdot \underbrace{PV_t (V) }_{\mbox{PV of V at t}} \right ) dt - \underbrace{x}_{\mbox{cost}}\;</math>
