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@techreport{NBERw16443,
 title = "Growth Through Heterogeneous Innovations",
 author = "Akcigit, Ufuk and Kerr, William R",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "16443",
 year = "2010",
 month = "November",
 doi = {10.3386/w16443},
 URL = "http://www.nber.org/papers/w16443",
 abstract = {We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new product lines and exploitation R&D to improve their existing product lines. We model and show empirically that exploration R&D does not scale as strongly with firm size as exploitation R&D. The resulting framework conforms to many regularities regarding innovation and growth differences across the firm size distribution. We also incorporate patent citations into our theoretical framework. The framework generates a simple test using patent citations that indicates that entrants and small firms have relatively higher growth spillover effects.},
}