Competition, Market Selection and Growth
扩展了标准质量阶梯模型，允许行业内同时存在多个不对称企业，研究竞争性市场选择过程对创新激励和经济增长率的影响，发现竞争的市场选择效应总是提升创新激励，有时能抵消传统的负向熊彼特效应。
We study the effect of the competitive selection process on the incentive to innovate and the economy’s rate of growth by extending standard quality-ladder models of endogenous growth to allow for the possibility that in each period several asymmetric firms (i.e., an endogenously determined number of past innovators) may be simultaneously active in an industry. Stronger competitive\npressure has conflicting effects on the incentive to innovate, lowering prices but also selecting the more efficient firms. We show that the market selection effect of competition always increases the incentive to innovate and find circumstances in which it can outweigh the traditional negative Schumpeterian effect on growth