新颖性
创新者
竞赛(生物学)
产业组织
结果(博弈论)
价值(数学)
箭头
经济
质量(理念)
业务
微观经济学
营销
计算机科学
创业
哲学
机器学习
认识论
生物
程序设计语言
神学
生态学
财务
作者
Steven Callander,Niko Matouschek
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2022-01-01
卷期号:68 (1): 37-51
被引量:16
标识
DOI:10.1287/mnsc.2021.4101
摘要
We develop a model to capture the novelty of innovation and explore what it means for the nature of market competition and quality of innovations. An innovator decides not only whether to innovate but how boldly to innovate, where the more novel is the innovation—the more different it is from what has come before—the more uncertain is the outcome. We show in this environment that a variant of the Arrow replacement effect holds in that new entrants pursue more innovative technologies than do incumbents. Despite this, we show that the new entrant is less likely to disrupt an incumbent than the incumbent is to disrupt itself, and less likely to fail in the market. We extend the model to allow the incumbent to acquire the entrant postinnovation and show that this reverses the Arrow effect. The prospect of acquisition makes innovation more profitable but simultaneously suppresses the novelty of innovation as the entrant seeks to maximize her value to the incumbent. This reversal suggests a positive role for a strict antitrust policy that spurs entrepreneurial firms to innovate boldly. This paper was accepted by Joshua Gans, business strategy.
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