across geography. First, medical R&D has a self-limiting effect. Contemporary innovation discourages trial participation and … slows down development necessary for future innovation. Thus, medical R&D suffers increasing costs over time, driven by …, affect the returns to innovation, not only by altering the firm's variable profits, but also by increasing the length and …

This paper investigates the relationship between product market competition (PMC) and innovation. A Schumpeterian …, competition may also reduce innovation incentives for laggards. This model generates four main predictions which we test … empirically. First, the relationship between product market competition (PMC) and innovation is an inverted U-shape: the escape …