<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0124-5996</journal-id>
<journal-title><![CDATA[Revista de Economía Institucional]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.econ.inst.]]></abbrev-journal-title>
<issn>0124-5996</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-59962017000200085</article-id>
<article-id pub-id-type="doi">10.18601/01245996.v19n37.05</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Inversión en intangibles y estrategia competitiva: una extensión del modelo de Cournot]]></article-title>
<article-title xml:lang="en"><![CDATA[Investment in intangibles and competitive strategy: an extension of the Cournot model]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sarmiento]]></surname>
<given-names><![CDATA[Gloria Inés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Benavides]]></surname>
<given-names><![CDATA[Oscar Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de la República  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional de Colombia  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>19</volume>
<numero>37</numero>
<fpage>85</fpage>
<lpage>114</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-59962017000200085&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-59962017000200085&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-59962017000200085&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN En la creciente literatura sobre capital intangible hay un consenso relativo sobre su papel: las firmas dedican recursos a producirlo para obtener ventajas competitivas. Este artículo presenta un modelo en el que las firmas compiten à la Cournot, el cual explora los incentivos de las firmas para aumentar el nivel de capital intangible y muestra que si una firma es suficientemente productiva en la creación de capital intangible puede obtener mayores beneficios que sus competidores y poder de mercado aun en competencia perfecta.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The growing literature on intangible capital shows a relative consensus on the role of irms in terms of investing resources to acquire (purchase or produce) this type of capital because it allows them to obtain a competitive advantage. This paper explores the incentives of In increasing their level of intangible capital using a simple model in which the firms compete a la Cournot. The model shows that the firm can get higher price-cost margins and market share than its rivals even in perfect competition given that the firm is productive enough in the production of intangible capital.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[capital intangible, estrategia competitiva, poder de mercado]]></kwd>
<kwd lng="es"><![CDATA[JEL: L11, L12, L21, O31]]></kwd>
<kwd lng="en"><![CDATA[intangible capital, competitive strategy, market power]]></kwd>
<kwd lng="en"><![CDATA[JEL: L11, L12, L21, O31]]></kwd>
</kwd-group>
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