The paper analyses the properties and outcomes of competitive dynamics in industries characterized by heterogeneous firms and continuing stochastic entry. A formal analytical apparatus is developed, able to derive some generic properties of the underlying competition process combining persistent...

It is widely recognized that advances in knowhow have been the key driving force between the great improvements in human material well-being that have been achieved over the past two centuries. However, not much attention has been directed to the fact that the advances in knowhow that have been...