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In Appendix C.2.1 we show an extension of the model that accommodates explicit goodwill accumulation within our baseline model.
We further show that allowing for goodwill accumulation would not qualitatively change the results of our baseline model.
, Zeithaml (1988)). 25In the baseline model, advertising appears in the final good sector's production function.
This does not affect the qualitative results that we obtain in our baseline model.
31In Appendix C.1, we extend our baseline model with a theory of patent citations following Akcigit and Kerr (2015).
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