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竞争性市场 Competitive Market

在探讨研发的时候，一些重要的策略问题会反复出现。我们将通过本模块仔细研究这些问题。不少创新的诞生的确是源自好运气，但似乎毋庸置疑——大部分时候是因为创新者积极努力实现某个具体的发明。

This is a Chinese version of Competitive Strategy. You can find the original course in English from our course catalog. 此版本是Coursera首次尝试推出的中文翻译版。课程视频为英文原版附中文字幕，课程页面和测验已译成中文，帮助中心提供中文支持。在本课程（共六个模块）中，你将了解企业在战略决策相互依存的情况下如何行事。例如，你的行动会如何影响竞争对手的利润，反之亦然。我们将会借助博弈论的基本工具分析企业如何选择策略以获得竞争优势。

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Habilidades que você aprenderá

Game Theory, Strategic Thinking, Competition (Economics), Porter'S Five Forces Analysis, Strategic Management

Ministrado por

Tobias Kretschmer
Professor

Transcrição

In which markets and under which circumstances will firms innovate most?

We'll focus on these and related questions, in the next couple of videos.

So, on the one hand, firms in competitive markets could be said to have strong

incentives to innovate. Because after all they're not making huge

profits from their existing operations anyway, and they have every incentive to

innovate and differentiate themselves from their competitors.

But on the other hand, firms that have a strong competitive position in their

industry, will claim and will find that their dominant or even monopolistic

position is under threat. And that they innovate, because they

simply have to. Let's now look at these aspects from a

more structure perspective, and we'll start out by looking at a competitive

market. So let's start with a simple set up.

The simple set up is that we've got 100 consumers interested in motorbikes.

60 of those consumers would pay a maximum of 5,000 Euros.

40 consumers would pay a maximum of 400 Euros, and with the current technology we

have total production costs of 300 Euros.

There is now a new process innovation out there, and that process innovation would

decrease my production costs from 300 to 200 euros.

The simple idea is that whoever spends most on the innovation will get the

innovation. Either by being granted a patent or by

being first in the market, right? So that's a simple idea, very simple

setup. Now in a competitive market we assume

that there are 10 companies producing and selling motorcycles.

Prior to the innovation, everyone of them has the same production technology.

So without innovation, of course, the total production costs are 300 Euros.

Every company sets a price that's equal to the cost, which means that, of course,

each company makes zero profits, right? Because after all, if prices are equal to

marginal costs, then you're going to have no profit margin, and therefore you're

going to make zero profits. What happens with innovation?

And again, assume that one firm can protect the innovation here.

We now have total production costs of 200 Euros for the company that gets the

innovation. We get 300 Euros for all the other firms,

which means that the company that has the innovation, the company that came up with

the process innovation, can now set a price of 299 Euros.

Remember, we're selling exactly the same motorcycle.

Which means that all consumers are going to buy from this company, because

it has a lower price. So therefore, the overall profits of this

company are, 100 consumers, because we sell both to the high willingness to pay

and the low willingness to pay consumers, at a price of 299, which gives us a profit

margin of 299 minus 200. So therefore, it's going to be 100 times

99 or 9,900. So the profits of the company, the

profits of the innovator, are going to be 9,900.

All the other companies do not sell anything and they make zero profits.

So with that simple calculation we can calculate, we can figure out, what the

value of an innovation is for a firm that is currently in a competitive market.

So the total value of an innovation is simply by comparing the profits with innovation,

with the profits without innovation. So the profits with innovation, we know,

are 9,900. Profits without innovation are 0.

And so, therefore, the difference and the value of innovation is simply, 9,900

minus 0, right? So that's going to take us to 9,900.

That is the value of innovation. That is how much each firm is going to be

willing to pay the get the patent that reduces the production cost from 300 to

200 Euros. So given that we've now looked at the

competitive market, let's now have a look in the next video at what the

monopolistic market is going to tell us. Thanks very much, and I'll see you in a

second.

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