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 …

where firms only choose prices, and make use of aggregative game theory. We find no support for that claim: absent effciency …

and increasing competition in many sectors, such as telecommunications, utilities, and transport. The timing and extent of …