Monopoly and the Incentive to Innovate When Adoption Involves Switchover Disruptions
提出新理论解释垄断行业为何创新较少：采用新技术时企业常需暂时减产，造成切换中断，垄断企业因产品价格高而面临更大的机会成本，从而削弱创新激励。
Arrow (1962) argued that since a monopoly restricts output relative to a competitive industry, it would be less willing to pay a fixed cost to adopt a new technology. We develop a new theory of why a monopolistic industry innovates less. Firms often face major problems in integrating new technologies. In some cases, upon adoption of technology, firms must temporarily reduce output. We call such problems switchover disruptions. A cost of adoption, then, is the forgone rents on the sales of lost or delayed production, and these opportunity costs are larger the higher the price on those lost units.