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In innovative races with winner takes all, leading firms invest less than each follower, given exogenous entry (Reinganum, 1985). But with endogenous entry this result is reversed (Etro, 2004). It is argued here that sharing of rewards between the players may alter these predictions.doi:10.2139/ssrn.1101443 fatcat:dndlo2xzcjehzkg7qep32ztzh4