Competition and Innovation Revisited: A Project-Level View
利用FDA突破性疗法认定对特定药物的冲击，从项目层面研究竞争与创新的关系，发现竞争程度与创新反应呈倒U型，且受技术前沿距离影响。
Abstract We offer new evidence on the relationship between competition and innovation that overcomes two measurement difficulties compromising the extant literature: aggregation at either firm level (or higher) of innovative activity, and the mediating influence of distance-to-technological-frontier. FDA awards of Breakthrough Therapy Designations (BTDs) on specific drugs, instrument stochastic unleveling of therapeutic (ie, product) markets. Rivals’ innovative responses generally show an inverted-U pattern in ex ante competitiveness of the shocked market. However, the shape of the relation changes with distance to technological frontier in that market, proxied by whether the rival project uses one of the technologies embedded in the BTD-awarded drug.