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Competition andinnovation: aninverted Urelationship Richard BlundellPeter HowittRachel Griffith2002 год

Competition and innovation: an inverted U relationship
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Аннотация: This paper investigates the relationship between product market competition (PMC) and innovation.A Schumpeterian growth model is developed in which …rms innovate 'step-by-step', and where both technological leaders and their followers engage in R&D activities.In this model, competition may increase the incremental pro…t from innovating; on the other hand, competition may also reduce innovation incentives for laggards.This model generates four main predictions which we test empirically.First, the relationship between product market competition (PMC) and innovation is an inverted U-shape: the escape competition e¤ect dominates for low initial levels of competition, whereas the Schumpeterian e¤ect dominates at higher levels of competition.Second, the equilibrium degree of technological 'neck-and-neckness' among …rms should decrease with PMC.Third, the higher the average degree of 'neck-and-neckness' in an industry, the steeper the inverted-U relationship between PMC and innovation in that industry.Fourth, …rms may innovate more if subject to higher debt-pressure, especially at lower levels of PMC.We confront these four predictions with a new panel data set on UK …rms' patenting activity at the US patenting of-…ce.The inverted U relationship, the neck and neck, and the debt pressure predictions are found to accord well with observed behavior in the data.
Год издания: 2002
Авторы: Richard Blundell, Peter Howitt, Rachel Griffith, Philippe Aghion, Nicolas Bloom
Источник: Working paper series - Institute for Fiscal Studies/Working papers
Ключевые слова: Economic Growth and Productivity, Fiscal Policy and Economic Growth, Global trade and economics
Другие ссылки: Working paper series - Institute for Fiscal Studies/Working papers (HTML)
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UCL Discovery (University College London) (HTML)