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Abstract

This paper develops a simple model in which both the development and adoption of innovation are determined in equilibrium. The model is used to examine a number of issues involving the development and subsequent use of innovation. For example, conditions are derived under which increases in imitation protection lead to a less "progressive" industry and decreases in expected welfare. The importance of studying these dimensions jointly is also highlighted by showing that policies which spur R&D can retard licensing, and to an extent which negates the increased R&D efforts.

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