The aim of this paper is to analyze the evolution of productivity and how firm behavior and institutional conditions affects productivity. For that purpose, we use a longitudinal sample of Spanish manufacturing and services companies between 1983 and 2006, as well as OECD indicators on product...

In this paper, we examine the performance of the market mechanism by focusing on whether no one, in the "long-run", can be left behind with technological innovation in the economy. We show that the market mechanism with technological innovation unavoidably leaves some individuals behind. We...

Existing industries must deal with encroachment by a blockchain-based competitor. We provide an abstract asset-trading model to analyze the competition between the blockchain operated by the distributed ledger system (DLS) and the traditional industry run by a centralized authority. They both...

Which products are potentially produced together? When demand for a product increases, which firms will supply it? Using multi-product production patterns within and across firms, we recover a continuous cost-based distance between firms and unproduced products. Higher product distance implies...

This paper investigates the strategic value of the managerial incentive scheme in affecting firms' incentive in R&D investment and their product market activities. Firstly, we find that in Cournot-quantity competition, owners strategically assign a non-profit-maximization objective to their...

This paper investigates the strategic value of the managerial incentive scheme in affecting firms' incentive in R&D investment and their product market activities. Firstly, we find that in Cournot-quantity competition, owners strategically assign a non-profit-maximization objective to their...