Schumpeterian Competition
构建了一个随机模型，描述单个行业内企业通过技术创新进行竞争的过程。企业通过研发寻求暂时竞争优势，但最终会被模仿和对手创新侵蚀。模型揭示了行业长期均衡中市场集中度与技术创新速度的联合决定关系，并与实证文献一致。
This paper describes a stochastic model of the process of competition via technological innovation as it might occur within a single industry. Individual firms undertake R&D projects in the hope of acquiring a decisive competitive advantage over their rivals. But such advantages and the economic rents arising from this are only temporary; they eventually disappear in the face of imitation, entry, and innovation by other firms. At the industry's long-run equilibrium, concentration and the pace of technological innovation are jointly determined by the conditions of entry and the extent of innovative opportunity. The model implies relationships among these variables that have in fact been detected in the empirical R&D literature.