frontier. In vertically integrated firms, owners (managers) have to spend time both on production and innovation activities …, and this creates managerial overload, and discourages innovation. Outsourcing of some production activities mitigates the … frontier, the value of innovation increases, encouraging outsourcing. …

Universities are a key institution in the US innovation system and an important aspect of their involvement is the role …

-by-step innovation. Innovations result from costly R&D investments and move technology up one step. Competition is inversely measured by …-and-neck. All these results are consistent with the predictions of step-by-step innovation models. …

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite … career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …

dirty innovation and production; (ii) optimal policy involves both “carbon taxes” and research subsidies, so that excessive … the switch to clean innovation under laissez-faire when the two inputs are substitutes. Under reasonable parameter values … and with sufficient substitutability between inputs, it is optimal to redirect technical change towards clean technologies …