“…Competition‐I was computed by counting the number of HEV models offered by rival firms in the U.S. market for a given year. Our measurement of Competition‐I is arguably supported in prior literature (Anand, Mulotte, & Ren, ; Barroso & Giarratana, ; Danzon & Sousa Pereira, ; Federico, Langus, & Valletti, ; Gil & Ruzzier, ; Mulotte, ; Mulotte, Dussauge, & Mitchell, ; Tripsas, ). Competition‐II has been computed based on the entropy measure that takes into account the number of models and firms (Frenken, Hekkert, & Godfroij, ; Wesseling, Faber, & Hekkert, ).…”