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A peer-reviewed quarterly journal publishing articles by academics and practitioners.
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Type: Journal Articles
Published in: Quarterly Journal of Economics
Volume, issue, pages: Vol. 120, No. 2, pp. 701-728
Previous version: IFS Working Papers [Details]
Related dataset: UK firm accounts matched to US patents
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 Search |
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