CYCLICAL CONCENTRATION AND CONSOLIDATION IN BIOTECH R&D: A NEO-SCHUMPETERIAN MODEL

Abstract

Over the past fifteen years, the agricultural biotechnology industry has exhibited cyclical behavior in concentration and consolidation. This paper provides a theoretical model of endogenous R&D, in which industry concentration exhibits cyclical behavior. The model also generates additional testable hypotheses, and policy implications.Industrial Organization, Research and Development/Tech Change/Emerging Technologies,