Dinopoulos, Elias; Syropoulos, Constantinos - 2007
sequential stochastic innovation contests. Incumbent firms producing state-of-the-art-quality productsexpend resources in …. Rent-protecting activities create barriers to innovation and increase theexpected duration of an incumbent’s monopoly power … R&D has been increasing over time,(ii) generates endogenous scale-invariant long-run innovation and growth, and (iii …