operators. Second, a problem of moral hazard is revealed, which is able to appear through the implementation of franchising …

franchising schemes with independent divisions. This is particularly interesting because it can be applied to several industries …

are taken into account. The paper proposes a theory of innovation and market structure, showing that the relation between … innovation and competition depends on horizontal spillovers, vertical spillovers, and cooperative settings. The private …

. Uniting Schumpeter's concern for innovation with Keynes' concern for uncertainty and expectations formation, this article … focuses on the behaviour of entrepreneurs confronting uncertainty caused by innovation. Entrepreneurs' behaviour is … opened up by a successful innovation generates a state of optimism in the minds of single entrepreneurs, which eventually …