Research

Extends the Boldrin-Levine framework for competitive innovation by introducing consumer effort as a determinant of copying rates for knowledge goods. Challenges the standard result that competitive markets achieve socially optimal innovation levels when consumers have discretionary control over effort in accessing innovative products. Demonstrates that excess appropriability by firms leads to market failure, as consumers lack incentives to exert optimal effort levels that would improve copying rates. Maintains that innovation returns remain positive even with infinite copying rates, but shows the competitive equilibrium fails to deliver the social optimum when consumer behaviour affects reproduction technology.

Develops a dynamic general equilibrium model integrating Schumpeterian growth theory with real business cycle dynamics. Explores how credit market imperfections affect entrepreneurial innovation decisions through a venture capital financing structure. The model features patient households providing seed funding to credit-constrained entrepreneurs who invest in quality-ladder R&D. Examines the tension between the Arrow replacement effect and financing constraints in determining optimal innovation investment, with implications for understanding why R&D patterns deviate from theoretical predictions.

Extends the Schumpeterian framework by introducing endogenous market structure through technology imitation. Rather than assuming creative destruction leads to monopoly replacement, the model allows incumbents to engage in 'imitation effort' to copy radical innovations and remain competitive. This modification creates more realistic firm survival dynamics and explores how market concentration affects innovation incentives. The framework bridges standard growth models with more flexible market structures where both innovation and imitation drive technological progress.

Research on the cyclical patterns of R&D spending and its implications for business cycle theory. This study investigates the cyclical pattern of research spending using industry and firm-level data, revisiting the debate over the cyclical pattern of R&D and its implications for Schumpeter's opportunity cost hypothesis.