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Competition and Innovation: An Inverted-U Relationship Author info | Abstract | Publisher info | Download info | Related research | Statistics Philippe Aghion
Nick Bloom
Richard Blundell
Rachel Griffith
Peter Howitt
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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. © 2005 MIT Press
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Article provided by MIT Press in its journal The Quarterly Journal of Economics .
Volume (Year): 120 (2005)
Issue (Month): 2 (May)
Pages: 701-728
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Handle: RePEc:tpr:qjecon:v:120:y:2005:i:2:p:701-728Contact details of provider: Web page: http://mitpress.mit.edu/journals/
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Blundell, Richard & Griffith, Rachel & van Reenen, John, 1999.
"Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 66(3), pages 529-54, July.
[Downloadable!] (restricted)
Ricardo J. Caballero & Adam B. Jaffe, 1993.
"How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth ,"
NBER Working Papers
4370, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Blundell, Richard & Griffith, Rachel & Van Reenen, John, 1995.
"Dynamic Count Data Models of Technological Innovation ,"
Economic Journal ,
Royal Economic Society, vol. 105(429), pages 333-44, March.
[Downloadable!] (restricted)
Other versions: Richard Blundell & Alan Duncan & Costas Meghir, 1995.
"Estimating labour supply responses using tax reforms ,"
IFS Working Papers
W95/07, Institute for Fiscal Studies.
Other versions: Aghion, Philippe & Schankerman, Mark, 1999.
"Competition, Entry, and the Social Returns to Infrastructure in Transition Economies ,"
CEPR Discussion Papers
2052, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Nicholas Bloom & John Van Reenen, 2000.
"Patents, productivity and market value: evidence from a panel of UK firms ,"
IFS Working Papers
W00/21, Institute for Fiscal Studies.
[Downloadable!]
Grosfeld, Irena & Tressel, Thierry, 2001.
"Competition, Corporate Governance: Substitutes or Complements? Evidence from the Warsaw Stock Exchange ,"
CEPR Discussion Papers
2888, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Boone, J., 2000.
"Competition ,"
Discussion Paper
104, Tilburg University, Center for Economic Research.
[Downloadable!]
Other versions: Philippe Aghion & Mark Schankerman, 1999.
"Competition, entry and the social returns to infrastructure in transition economies ,"
The Economics of Transition ,
The European Bank for Reconstruction and Development, vol. 7(1), pages 79-101, March.
[Downloadable!] (restricted)
Partha Dasgupta & Joseph E. Stiglitz, 1980.
"Industrial Structure and the Nature of Innovative Activity ,"
NBER Reprints
0124, National Bureau of Economic Research, Inc.
Other versions: Richard Blundell & James Powell, 2001.
"Endogeneity in nonparametric and semiparametric regression models ,"
CeMMAP working papers
CWP09/01, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
[Downloadable!]
Nickell, Stephen J, 1996.
"Competition and Corporate Performance ,"
Journal of Political Economy ,
University of Chicago Press, vol. 104(4), pages 724-46, August.
[Downloadable!] (restricted)
Other versions: Aghion, Philippe & Dewatripont, Mathias & Rey, Patrick, 1999.
"Competition, Financial Discipline and Growth ,"
CEPR Discussion Papers
2128, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Aghion, Philippe & Dewatripont, Mathias & Rey, Patrick, 1999.
"Competition, Financial Discipline and Growth ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 66(4), pages 825-52, October.
[Downloadable!] (restricted) Chirinko, Robert S. & Fazzari, Steven M. & Meyer, Andrew P., 1999.
"How responsive is business capital formation to its user cost?: An exploration with micro data ,"
Journal of Public Economics ,
Elsevier, vol. 74(1), pages 53-80, October.
[Downloadable!] (restricted)
Hassett, Kevin A & Hubbard, R Glenn, 1998.
"Are Investment Incentives Blunted by Changes in Prices of Capital Goods? ,"
International Finance ,
Blackwell Publishing, vol. 1(1), pages 103-25, October.
[Downloadable!] (restricted)
Other versions: Philippe Aghion & Wendy Carlin & Mark Schaffer, 2002.
"Competition, Innovation and Growth in Transition: Exploring the Interactions between Policies ,"
William Davidson Institute Working Papers Series
501, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Aghion, Philippe, et al, 2001.
"Competition, Imitation and Growth with Step-by-Step Innovation ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 68(3), pages 467-92, July.
Richard Blundell & Rachel Griffith & Frank Windmeijer, 1999.
"Individual effects and dynamics in count data models ,"
IFS Working Papers
W99/03, Institute for Fiscal Studies.
[Downloadable!]
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