study the equilibrium relationship between market structure and innovation. The key state variable in the model is the …. Efficiency is estimated to be stochastically increasing in the dynamic control--innovation--which is proxied by patenting … behavior. Equilibrium innovation is a function of all state variables in the industry and the cost of R&D which includes a …

normative analysis, i.e. we evaluate alternative competition and innovation policies from a welfare perspective. Third, we … approach in several ways. We reproduce the empirical finding that innovation levels are higher in markets with lower price … dynamic markets characterized by higher levels of innovation should be less competitive. Furthermore, we demonstrate how our …

This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …

growth. The analysis focuses on recently advanced unified growth theories that capture the intricate evolution of income per …

This paper presents evidence on the speed of evolution (or lack thereof) of a wide range of values and beliefs of …

and the evolution of societies from an epoch of stagnation to sustained economic growth. …