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Creative destruction in local markets

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  • Jaap H. Abbring
  • Jeffrey R. Campbell

Abstract

This article uses a panel of Texas restaurants' and bars' alcohol to measure the pace of creative destruction--the ongoing replacement of unproductive competitors with the new firms--and it investigates whether producers in more concentrated markets might use their market power to stabilize the industry structure. The authors find the opposite to be true: Local markets with more concentrated alcohol sales display more creative destruction.

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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2004)
Issue (Month): Q II ()
Pages: 50-60

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Handle: RePEc:fip:fedhep:y:2004:i:qii:p:50-60:n:v.28no.2

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Related research

Keywords: Competition ; Markets;

References

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  1. Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932, December.
  2. Jeffrey R. Campbell, 1997. "Entry, Exit, Embodied Technology, and Business Cycles," NBER Working Papers 5955, National Bureau of Economic Research, Inc.
  3. Jaap H. Abbring & Jeffrey R. Campbell, 2003. "A Structural Empirical Model of Firm Growth, Learning, and Survival," NBER Working Papers 9712, National Bureau of Economic Research, Inc.
  4. Daniel S. HAMERMESH & Wolter H. J. HASSINK & Jan C. VAN OURS, 1996. "Job Turnover and Labor Turnover: A taxinomy of Employment Dynamics," Annales d'Economie et de Statistique, ENSAE, issue 41-42, pages 21-40.
  5. Sam Peltzman, 1977. "The Gains and Losses From Industrial Concentration," NBER Working Papers 0163, National Bureau of Economic Research, Inc.
  6. Jeffrey R. Campbell, 1997. "Computational Appendix to Entry, Exit, Embodied Technology, and Business Cycles," Technical Appendices campbell98, Review of Economic Dynamics.
  7. Smith, Ransford, 2004. "Size matters," World Trade Review, Cambridge University Press, vol. 3(03), pages 441-446, November.
  8. Conley, T. G., 1999. "GMM estimation with cross sectional dependence," Journal of Econometrics, Elsevier, vol. 92(1), pages 1-45, September.
  9. Jeffrey Campbell, 2000. "Market Size Matters," Econometric Society World Congress 2000 Contributed Papers 1225, Econometric Society.
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Cited by:
  1. Jeffrey R. Campbell, 2005. "Competition in Large Markets," 2005 Meeting Papers 356, Society for Economic Dynamics.

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