AI 中文总结
该论文研究灾难阴影下的研发竞争，明确均衡技术前沿的上下限，分析透明度与信任对前沿的塑造作用，为相关竞争问题提供理论参考。
AI 中文摘要
我们研究灾难阴影下的研发竞争：推进技术前沿会提高所有企业收益永久终止的风险。在完美监测与理性共同知识下，均衡前沿下限为垄断者的最优停止时间，上限为持续误信对手即将停止的代表性企业的最优停止时间。随后我们分析透明度（监测速度）和信任（对竞争对手理性的信念）如何塑造该前沿。
英文摘要
We study R&D competition in the shadow of disaster: advancing the technology frontier raises the risk of permanently ending all firms' payoffs. Under perfect monitoring and common knowledge of rationality, the equilibrium frontier is bounded below by the optimal stopping time of a monopolist, and above by that of a representative firm that persistently but mistakenly believes its rival is about to stop. We then analyze how the frontier is shaped by transparency (speed of monitoring) and trust (belief in the rationality of rival firms).
