Competition and innovation: An inverted-U relationship

• 成果类型: Article
• 署名作者: Aghion, P; Bloom, N; Blundell, R; Griffith, R; Howitt, P
• 署名单位: Harvard University; University of London; London School Economics & Political Science; University of London; University College London; Brown University
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/120.2.701
• 发表日期: 2005
• 页码: 701-728
• 关键词: growth; patents; models

摘要

This paper investigates the relationship between product market competition and innovation. We find strong evidence of an inverted-U relationship using panel data. We develop a model where competition discourages laggard firms from innovating but encourages neck-and-neck firms to innovate. Together with the effect of competition on the equilibrium industry structure, these generate an inverted-U. Two additional predictions of the model-that the average technological distance between leaders and followers increases with competition, and that the inverted-U is steeper when industries are more neck-and-neck-are both supported by the data.