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Slightly abusing terminology, we say that there exist respectively decreasing, constant and increasing returns to scale in R&D if an n-product firms finds it respectively more expensive, as expensive and less expensive to grow through innovation by a given rate than n firms of one product each.
, deviations from Gibrat's law, and decreasing R&D and advertising intensities across firm sizes) when there exist constant, and even increasing, returns to scale in R&D.30 Our formulation of advertising effectiveness, which relies on empirical patterns that we draw from the marketing literature, delivers as an equilibrium outcome that smaller firms are more concerned with innovation even when technological advantages in innovation might not be particularly tailored toward them.
Additionally, in Section 7.2, we present a calibration where firms do not have the opportunity to advertise and there are decreasing returns to scale in R&D.
Since R&D is the sole engine of firm growth in this economy, the degree of returns to scale in Rn determines the predictions of the model regarding growth and R&D intensity across firms of different sizes.
This is equivalent as internal R&D scaling proportionally with firm size, which we label as constant returns to scale.
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