What Causes Over-investment in R&D in Endogenous Growth Models?
指出内生增长模型中研发过度投资的常见解释（商业窃取效应）具有误导性，并揭示了真正导致过度投资的其他效应，帮助理解市场何时及为何偏向过度研发。
Endogenous growth models may exhibit either under-or over-investment in R&D. The possibility of over-investment is generally attributed to a business-stealing e¤ect that arises as the latest innovator destroys and/or appropriates previous incumbent's rents. We argue that this conventional wisdom is misleading. In standard models, business stealing by itself cannot result in excessive R&D. We explain the other e¤ects that must be at work here, thus contributing towards a better understanding of when and why the market may be biased towards excessive R&D.