Saha, Souresh2009-12-182009-12-181999-12Saha, S., (1999), "R&D Composition over the Product Life Cycle", Discussion Paper No. 309, Center for Economic Research, Department of Economics, University of Minnesota.https://hdl.handle.net/11299/55859Firms do product R&D (making new and better products) as well as process R&D (making cheaper products). There is evidence that firms devote an increasing share of R&D to process R&D over the life cycle of a product. There is also evidence that over time, the composition of buyers of a product shifts towards the lower end of the market. This paper distinguishes product and process R&D in terms of their relationship to the composition of buyers of a product. It uses this distinction to link the aforementioned facts and to explain the change in R&D composition over time.en-USWorking Paper