competition and aggregate innovation. We consider a two-stage game with a deterministic Research and Development (R&D) process … outputs simultaneously. We show that the inverted-U relationship between competition and aggregate innovation occurs if … competition is affected by the number of technology followers. However, the presence of more technology leaders decreases …

demand shock in this setup does not affect the possibility of collusion, but may aggravate financing constraints and …

model features both private learning about the market condition and market competition, which give rise to the first …