Competition and Innovation: An Inverted U Relationship
Abstract
This paper investigates the relationship between product market competition and innovation. It uses the radical policy reforms in the UK as instruments for changes in product market competition, and finds a robust inverted-U relationship between competition and patenting. It then develops an endogenousm growth model with step-by-step innovation that can deliver this inverted-U pattern. In this model, competition has an ambiguous effect on...
Paper Details
Title
Competition and Innovation: An Inverted U Relationship
Published Date
Jan 1, 2004
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