We investigate the competition between banks according to an evolutionary model, in which the payoff gradient depends on a time-variant technological innovation factor. The explicit solutions of equilibrium strategies are derived via the method of characteristics. Advantageous technological...

This paper provides formal treatment to the idea of patenting as a form of market stealing between R&D firms. It extends the creative destruction literature by allowing innovations to build off each other forming a network of ideas. Patent citations keep track of this network. The theory maps...

We study a model where innovation comes in two varieties: improvements on existing products, and new products that expand the scope of a technology. We make this distinction in order to highlight how market structure can determine not only the quantity of innovation but also its direction. We...