How far should an industry be allowed to consolidate when competition and innovation are endogenous? We develop a stochastically alternating-move game of dynamic oligopoly, and estimate it using data from the hard disk drive industry, in which a dozen global players consolidated into only three...

An extensive theoretical literature examines technological competition and, in particular, whether leaders maintain their standing. These models, however, have received little empirical support. I examine innovation in the disk drive industry, an environment particularly conducive to identifying...

As a form of crowdsourcing, idea competitions offer a mechanism to engage larger groups in innovation activities. While much of the literature on crowdsourcing focuses on idea competitions that cross a firm's boundaries to engage external partners, relatively little is known about how this...

We construct and estimate a dynamic oligopoly model of the Bitcoin mining market. Mining equipment manufacturers produce differentiated durable capital goods and endogenously choose optimal investments in R&D. Miners make dynamic purchase decisions based partly on beliefs regarding...

This paper examines how strategic alliances to create and use standards affect economic growth and development. The explanation of the link from standards to economic growth and development is through the effects of standards on the incentives to perform industrial research and development...

The “New Madison” approach sounds so promising. Old but new. Updating the classics for the modern era. What could be bad? In a word: everything. The intersection of patent and antitrust law has a long pedigree. For decades, antitrust’s role in patent-based activity has been acknowledged....

Bert Foer is one of the most influential figures in the past quarter century of antitrust. His founding and development of the American Antitrust Institute (AAI) filled a significant hole in late 20th-century antitrust and served as a useful counterweight to the Chicago School. In addition to...

How can a powerful buyer in development-intensive industries utilize supplier collaboration? To answer this question, we formulate a stylized game-theoretic model of two suppliers, focal and partner, with varying technological capabilities, where the focal supplier has a greater business power...