We develop a theory of innovation for entry and sale into oligopoly, and show that an invention of higher quality is …

where growth is driven by the innovative activity of entrepreneurs. Entrepreneurship is risky and requires investments that … affect the steepness of the lifetime consumption profile. As a consequence, the occupational choice of entrepreneurship …

paper, we analyze a two-stage innovation game between one incumbent and a large number of entrants. In the first stage … innovation. In the second stage, successful entrants bid to be acquired by the incumbent. We assume that entrants cannot survive …&D approaches than the incumbent and are more likely to generate the highest value innovation. Thus, the need of entrants to be …

routinized phase where innovation takes place within top-performing incumbents; (3) a second entrepreneurial phase characterized … routinization, in which no further innovation takes place, but is instead a phase of structural change. Using data on 74 West German …

entrepreneurship as a mechanism that reduces the knowledge filter. A cross-country regression analysis over the period 1981 … entrepreneurship may be an important new approach to promoting economic growth. …

innovation to the financiers through patenting and prototyping activities, right in the early stages of the venture. We build a …