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Competitive Experimentation with Private Information
The paper investigates the positive and normative effects of private information on research and development (R&D) activities. Results indicate that if the social planner is sufficiently impatient, a failure of information aggregation makes aggregate equilibrium expenditure in R&D on average too low with respect to the social optimum.
Link
http://cowles.econ.yale.edu/P/cd/d14b/d1489.pdf