表題番号：2020C-676
日付：2021/04/07
研究課題内生的経済成長理論における参入阻止価格の再考
| 研究者所属（当時） | 資格 | 氏名 | |
|---|---|---|---|
| （代表者） | 社会科学総合学術院 社会科学部 | 教授 | 及川 浩希 |
- 研究成果概要
- Limit pricing by technologically-leading firms is often assumed in Schumpeterian growth models. However firms have an incentive to stay in the market even with a negative flow profit when continuing business will lead to future profits. This situation typically occurs in the model of Klette and Kortum (2004), in which holding a product line opens a new opportunity for successive R&D. We modify the Klette-Kortum model by introducing limit pricing based not on flow profit but on product value. The new pricing strategy can generate a drastic change because low quality innovations tend to be blocked to enter markets by incumbents. Applying it to the calibrated model in Lentz and Mortensen (2008), we show that the economy grows faster with higher welfare than the original model, and there is only tiny selection effect among observed entrant cohorts.