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Download or read book Reconciling the Original Schumpeterian Model with the Observed Inverted-U Relationship Between Competition and Innovation written by and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roberto Bonfatti
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (13 download)
Download or read book Reconciling the Original Schumpeterian Model with the Observed Inverted-U Relationship Between Competition and Innovation written by Roberto Bonfatti and published by . This book was released on 2018 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical studies have uncovered an inverted-U relationship between product-market competition and innovation. This is inconsistent with the original Schumpeterian Model, where greater competition reduces the profitability of innovation. We show that the model can predict the inverted-U if the innovators' talent is heterogenous, and privately observable. With competition low and profitability high, talented innovators are credit constrained, since others are eager to mimic them. As competition increases, the mimickers become less eager, and talented innovators can invest more. This generates the increasing part of the relationship. With competition high, talented innovators are unconstrained, and the relationship is decreasing.
Author : Luigi Pisano
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Credit Constraints and the Inverted-U Relationship Between Competition and Innovation written by Luigi Pisano and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical studies have uncovered an inverted-U relationship between product-market competition and innovation. This is inconsistent with the original Schumpeterian model, where greater competition always reduces the profitability of innovation and thus the incentives to innovate. We show that the model can predict the inverted-U if the innovators' talent is heterogeneous and asymmetrically observable. When competition is low and profitability is high, talented innovators are credit-constrained, since untalented innovators are eager to mimic them. As competition increases and profitability decreases, untalented innovators become less eager to mimic, and talented innovators can invest more. This generates the increasing part of the relationship. When competition is high and profitability is low, credit constraints disappear, and the relationship is decreasing. Our theory generates additional specific predictions that are well borne out by the existing evidence.
Author : Philippe Aghion
Publisher : MIT Press
ISBN 13 : 0262512025
Total Pages : 115 pages
Book Rating : 4.2/5 (625 download)
Download or read book Competition and Growth written by Philippe Aghion and published by MIT Press. This book was released on 2008-01-25 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though competition occupies a prominent place in the history of economic thought, among economists today there is still a limited, and sometimes contradictory, understanding of its impact. In Competition and Growth, Philippe Aghion and Rachel Griffith offer the first serious attempt to provide a unified and coherent account of the effect competition policy and deregulated entry has on economic growth. The book takes the form of a dialogue between an applied theorist calling on "Schumpeterian growth" models and a microeconometrician employing new techniques to gauge competition and entry. In each chapter, theoretical models are systematically confronted with empirical data, which either invalidates the models or suggests changes in the modeling strategy. Aghion and Griffith note a fundamental divorce between theorists and empiricists who previously worked on these questions. On one hand, existing models in industrial organization or new growth economics all predict a negative effect of competition on innovation and growth: namely, that competition is bad for growth because it reduces the monopoly rents that reward successful innovators. On the other hand, common wisdom and recent empirical studies point to a positive effect of competition on productivity growth. To reconcile theory and evidence, the authors distinguish between pre- and post-innovation rents, and propose that innovation may be a way to escape competition, an idea that they confront with microeconomic data. The book's detailed analysis should aid scholars and policy makers in understanding how the benefits of tougher competition can be achieved while at the same time mitigating the negative effects competition and imitation may have on some sectors or industries.
Download or read book Competition and innovation : an inverted U relationship written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael R. Peneder
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Competition, R&D and Innovation written by Michael R. Peneder and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: To address the relationship between innovation and competition we jointly estimate the opportunity, production, and impact functions of innovation in a simultaneous system. Based on Swiss micro-data, we apply a 3-SLS system estimation. The findings confirm a robust inverted-U relationship, in which a rise in the number of competitors at low levels of initial competition increases the firm's research effort, but at a diminishing rate, and the research effort ultimately decreases at high levels of competition. When we split the sample by firm types, the inverted-U shape is steeper for creative firms than for adaptive ones. The numerical solution indicates three particular configurations of interest: 1. an uncontested monopoly with low innovation, 2. low competition with high innovation, and 3. a "no innovation trap" at very high levels of competition. The distinction between solution 1. and 2. corresponds to Arrow's positive effect of competition on innovation, whereas the difference between outcomes 2. and 3. captures Schumpeter's positive effect of market power on innovation. Simulating changes of the exogenous variables, technology potential, demand growth, firm size and exports have a positive impact on innovation, while foreign ownership has a negative effect, and higher appropriability has a positive impact on the number of competitors.
Author : Aamir Rafique Hashmi
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (13 download)
Download or read book Competition and Innovation written by Aamir Rafique Hashmi and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: I re-examine the inverted-U relationship between competition and innovation (originally modeled and tested by Aghion et al. (2005)) by using data from publicly traded manufacturing firms in the US. I control for the possible endogeneity of competition by using various measures of foreign competition as instruments. I find a positive relationship between competition (as measured by the inverse of markups) and innovation (as measured by citation-weighted patents). The positive relationship is robust to many alternative assumptions and specifications. To reconcile the positive relationship in the US data with the inverted-U relationship that Aghion et al. (2005) find in the UK data, I modify their theoretical model and show that the modified model can explain both positive and inverted-U relationships. The key theoretical assumption is that the US manufacturing industries are technologically more neck-and-neck than their counterparts in the UK. There is some, though not strong, support for this assumption in the data.
Download or read book Competition and Innovation written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Chol-Won Li
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (795 download)
Download or read book An Inverted U Relationship Between Competition and Innovation written by Chol-Won Li and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philippe Aghion
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (5 download)
Download or read book Competition and Innovation written by Philippe Aghion and published by . This book was released on 2004 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Peneder
Publisher :
ISBN 13 :
Total Pages : 167 pages
Book Rating : 4.:/5 (847 download)
Download or read book Competition and Innovation written by Michael Peneder and published by . This book was released on 2012 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (953 download)
Download or read book Competition and Innovation written by and published by . This book was released on 2014 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Josh Lerner
Publisher : University of Chicago Press
ISBN 13 : 0226473031
Total Pages : 715 pages
Book Rating : 4.2/5 (264 download)
Download or read book The Rate and Direction of Inventive Activity Revisited written by Josh Lerner and published by University of Chicago Press. This book was released on 2012-04-15 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers contributions to questions relating to the economics of innovation and technological change. Central to the development of new technologies are institutional environments and among the topics discussed are the roles played by universities and the ways in which the allocation of funds affects innovation.
Author : Pedro Miguel Bento
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (112 download)
Download or read book Competition as a Discovery Procedure written by Pedro Miguel Bento and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I model a mechanism through which competition can encourage innovation and growth. Although the often-cited 'Schumpeterian effect' of competition is to decrease the expected rents from an innovation, the competitive process also acts to uncover better ways of satisfying consumers and lowering costs. When firms are uncertain about the best direction in which to innovate, more competition results in better innovations. By endogenizing the level of competition and introducing this uncertainty into a general equilibrium model of vertical innovation, I show how this Hayekian effect of competition works against the Schumpeterian effect, resulting simultaneously in a positive relationship between competition and growth, and an inverted-U relationship between competition and firm-level innovation.
Author : Pedro Bento
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Competition, Innovation, and Regulation written by Pedro Bento and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thorsten Käseberg
Publisher : Bloomsbury Publishing
ISBN 13 : 1847319580
Total Pages : 279 pages
Book Rating : 4.8/5 (473 download)
Download or read book Intellectual Property, Antitrust and Cumulative Innovation in the EU and the US written by Thorsten Käseberg and published by Bloomsbury Publishing. This book was released on 2012-06-08 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: For decades, the debate about the tension between IP and antitrust law has revolved around the question to what extent antitrust should accept that IP laws may bar competition in order to stimulate innovation. The rise of IP rights in recent years has highlighted the problem that IP may also impede innovation, if research for new technologies or the marketing of new products requires access to protected prior innovation. How this 'cumulative innovation' is actually accounted for under IP and antitrust laws in the EU and the US, and how it could alternatively be dealt with, are the central questions addressed in this unique study by lawyer and economist Thorsten Käseberg. Taking an integrated view of both IP and antitrust rules – in particular on refusals to deal based on IP – the book assesses policy levers under European and US patent, copyright and trade secrecy laws, such as the bar for and scope of protection as well as research exemptions, compulsory licensing regimes and misuse doctrines. It analyses what the allocation of tasks is and should be between these IP levers and antitrust rules, in particular the law on abuse of dominance (Article 102 TFEU) and monopolisation (Section 2 Sherman Act), while particular attention is paid to the essential facilities doctrine, including pricing methodologies for access to IP. Many recent decisions and judgments are put into a coherent analytical framework, such as IMS Health, AstraZeneca, GlaxoSmithKline (in the EU), Apple (France), Orange Book Standard (Germany), Trinko, Rambus, NYMEX, eBay (US), Microsoft and IBM/T3 (both EU and US). Further topics covered include: IP protection for software, interoperability information and databases; industry-specific tailoring of IP; antitrust innovation market analysis; and the WTO law on the IP/antitrust interface.
Author : Richard R. Nelson
Publisher : Harvard University Press
ISBN 13 : 9780674041431
Total Pages : 456 pages
Book Rating : 4.0/5 (414 download)
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
