Questions: How can we develop a way to measure the culture of devices, technologies, and products? What modifications of the dimensions of difference between cultures of nations, organizations, and professions would extend them to measurement of the culture of devices? Once device cultures...

This paper jointly examines the link between competition and expected returns in the time series and in the cross section. To this end, we build a general equilibrium model where markups vary because of firm entry with oligopolistic competition. When concentration is high, markups are more...