The literature on product innovation usually assumes that the probability distribution governing the timing of innovations is the memoryless exponential distribution. We develop a probability model for the minimum time to innovation for a large number of rivals that does not exhibit the...

A prominent feature of wage contracting in the United States is the "bunched" timing pattern that is often associated with the process of pattern bargaining. The model describes the bunching of wage contracts as the equilibrium outcome of decentralized decisions in an economy composed of both...