that as firms gain market share, they increasingly rely on nonproductive strategies but reduce their productive, innovation …

We study the relationship between patents and actual product innovation in the market, and how this relationship varies … consumer goods sector. We find that patent filings are positively associated with subsequent product innovation by firms, but … at least half of product innovation and growth comes from firms that never patent. We also find that market leaders use …

with respect to innovation efficiency. The estimated model fits the shape of the R&D investment distribution as well as the …