A Search For Multiple Equilibria In Urban Industrial Structure
AbstractTheories featuring multiple equilibria are widespread across economics. Yet little empirical work has asked if multiple equilibria are features of real economies. We examine this in the context of the Allied bombing of Japanese cities and industries in World War II. We develop a new empirical test for multiple equilibria and apply it to data for 114 Japanese cities in eight manufacturing industries. The data provide no support for the existence of multiple equilibria. In the aftermath even of immense shocks, a city typically recovers not only its population and its share of aggregate manufacturing, but even the industries it had before. Copyright Blackwell Publishing, Inc. 2008
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Regional Science.
Volume (Year): 48 (2008)
Issue (Month): 1 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4146
Other versions of this item:
- David E. Weinstein & Donald R. Davis, 2004. "Search for Multiple Equilibria in Urban Industrial Structure," Econometric Society 2004 North American Winter Meetings 639, Econometric Society.
- Donald R. Davis & David E. Weinstein, 2004. "A search for multiple equilibria in urban industrial structure," Discussion Papers 0304-12, Columbia University, Department of Economics.
- Donald R. Davis & David E. Weinstein, 2004. "A Search for Multiple Equilibria in Urban Industrial Structure," NBER Working Papers 10252, National Bureau of Economic Research, Inc.
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
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