THE JOURNAL OF INDUSTRIAL ECONOMICS 0022-1821 Volume XLVIII December 2000 No. 4

Joseph Farrell{ and Michael L. Katz We consider innovation incentives in markets where ¢nal goods are systems comprising two strictly complementary components, one of which is monopolized. We focus on the case in which the comple- mentary component is competitively supplied and innovation is im- portant. We explore ways in which the monopoly may have incentives to extract e¤ciency rents in the competitive sector, thus weakening or destroying incentives for independent innovation. We discuss how these problems are a¡ected if the monopolist integrates into supply of the complement.

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