We study a large market with directed search and signaling. Each seller chooses an investment that determines the quality of the good which is the seller's private information. A seller also chooses the price of the good and the number of selling sites. After observing sellers' choices of prices...

We investigate the localization of technical knowledge in a setup where firms or researchers compete for the value of a preemptive innovation. All researchers could gain by sharing information due to the uncertainty of the arrival time of the discovery. As receiving information while withholding...