Competition and Innovation: An Inverted-U Relationship*
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ID: 291219
2005
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Abstract
This paper investigates the relationship between product market competition and innovation.We find strong evidence of an inverted-U relationship using panel data.We develop a model where competition discourages laggard firms from innovating but encourages neck-and-neck firms to innovate.Together with the effect of competition on the equilibrium industry structure, these generate an inverted-U.Two additional predictions of the model-that the average technological distance between leaders and followers increases with competition, and that the inverted-U is steeper when industries are more neck-and-neck-are both supported by the data.
| Reference Key |
openalex_W4293020912
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|---|---|
| Authors | Philippe Aghion, Nick Bloom, Richard Blundell, Rachel Griffith, Peter Howitt |
| Journal | the quarterly journal of economics |
| Year | 2005 |
| DOI |
10.1162/0033553053970214
|
| URL | |
| Keywords | Keywords not found |
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