Innovation and competition: The role of the product market
研究了企业在产品市场和创新开发中同时竞争时，竞争如何影响创新和福利，并给出了竞争促进或抑制行业创新与福利的条件，对应用研究和政策有启示。
We study how competition impacts innovation (and welfare) when firms compete both in the product market and in innovation development. This relationship is complex and may lead to scenarios in which a lessening of competition increases R&D and consumer welfare in the long run. We provide conditions for when competition increases or decreases industry innovation and welfare. These conditions are based on properties of the product market payoffs. Implications for applied work and policy are discussed.