Rent protection as a barrier to innovation and growth
We build a model of R&D-based growth in which the discovery of higher-quality products is governed by sequential stochastic innovation contests. We term the costly attempts of incumbent firms to safeguard the monopoly rents from their past innovations rent-protecting activities. Our analysis (1)...
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Published in | Economic theory Vol. 32; no. 2; pp. 309 - 332 |
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Main Authors | , |
Format | Journal Article |
Language | English |
Published |
Heidelberg
Springer
01.08.2007
Springer Nature B.V |
Subjects | |
Online Access | Get full text |
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