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Replication data for: Competition as a Discovery Procedure: Schumpeter Meets Hayek in a Model of Innovation

Version
V0
Resource Type
Dataset
Creator
  • Bento, Pedro
Publication Date
2014-07-01
Description
  • Abstract

    I incorporate an insight of Friedrich Hayek—that competition allows a thousand flowers to bloom, and discovers the best among them—into a model of Schumpeterian innovation. Firms face uncertainty about the optimal direction of innovation, so more innovations implies a higher expected value of the "best" innovation. The model accounts for two seemingly contradictory relationships reported in recent empirical studies—a positive relationship between competition and industry-level productivity growth, and an inverted-U relationship between competition and firm-level innovation. Notwithstanding the positive relationship between competition and growth, I find antitrust policy reduces industry-level growth.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mac.6.3.124 (Text)
Publications
  • Bento, Pedro. “Competition as a Discovery Procedure: Schumpeter Meets Hayek in a Model of Innovation.” American Economic Journal: Macroeconomics 6, no. 3 (July 2014): 124–52. https://doi.org/10.1257/mac.6.3.124.
    • ID: 10.1257/mac.6.3.124 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-13

Bento, Pedro (2014): Replication data for: Competition as a Discovery Procedure: Schumpeter Meets Hayek in a Model of Innovation. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114299