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Gibrats Legacy

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  • John Sutton
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    Abstract

    This paper traces the time series (?Growth of Firms?) tradition in the study of market structure and looks at how recent studies on entry and the size distribution of firms have modified thinking in this area.

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    File URL: http://sticerd.lse.ac.uk/dps/ei/ei14.pdf
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    Bibliographic Info

    Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - Economics of Industry Papers with number 14.

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    Date of creation: Oct 1996
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    Handle: RePEc:cep:stieip:14

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    Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp

    Related research

    Keywords: Robert Gibrat; market structure; firm size; stochastic; industry structure; Inegalites Economiques; the Law of Proportional Effect.;

    References

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    1. Klepper, Steven, 1996. "Entry, Exit, Growth, and Innovation over the Product Life Cycle," American Economic Review, American Economic Association, American Economic Association, vol. 86(3), pages 562-83, June.
    2. Steve J. Davis & John Haltiwanger, 1991. "Gross job creation, gross job destruction and employment reallocation," Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago 91-5, Federal Reserve Bank of Chicago.
    3. Ariel Pakes & Paul McGuire, 1992. "Computing Markov perfect Nash equilibria: numerical implications of a dynamic differentiated product model," Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis 58, Federal Reserve Bank of Minneapolis.
    4. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, Econometric Society, vol. 50(3), pages 649-70, May.
    5. Boyan Jovanovic & Glenn MacDonald, 1993. "The Life-Cycle of a Competitive Industry," NBER Working Papers 4441, National Bureau of Economic Research, Inc.
    6. Marvin B. Lieberman, 1990. "Exit from Declining Industries: "Shakeout" or "Stakeout"?," RAND Journal of Economics, The RAND Corporation, vol. 21(4), pages 538-554, Winter.
    7. Amemiya, Takeshi, 1984. "Tobit models: A survey," Journal of Econometrics, Elsevier, Elsevier, vol. 24(1-2), pages 3-61.
    8. Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988. "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter.
    9. Jaskold Gabszewicz, J. & Thisse, J. -F., 1980. "Entry (and exit) in a differentiated industry," Journal of Economic Theory, Elsevier, Elsevier, vol. 22(2), pages 327-338, April.
    10. Zoltan Acs & David Audretsch, 1990. "Innovation and Small Firms," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262011131, December.
    11. Evans, David S., 1986. "The Relationship Between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries," Working Papers, C.V. Starr Center for Applied Economics, New York University 86-33, C.V. Starr Center for Applied Economics, New York University.
    12. Dierickx, I. & Matutes, C. & Neven, D., 1991. "Cost differences and survival in declining industries : A case for 'picking winners'?," European Economic Review, Elsevier, Elsevier, vol. 35(8), pages 1507-1528, December.
    13. Dunne, Timothy & Roberts, Mark J & Samuelson, Larry, 1989. "The Growth and Failure of U.S. Manufacturing Plants," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 104(4), pages 671-98, November.
    14. Baden-Fuller, Charles W F, 1989. "Exit from Declining Industries and the Case of Steel Castings," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 99(398), pages 949-61, December.
    15. Ericson, Richard & Pakes, Ariel, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 62(1), pages 53-82, January.
    16. Hjalmarsson, Lennart, 1974. "The size distribution of establishments and firms derived from an optimal process of capacity expansion," European Economic Review, Elsevier, Elsevier, vol. 5(2), pages 123-140, August.
    17. Reynolds, Stanley S, 1988. "Plant Closings and Exit Behaviour in Declining Industries," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 55(220), pages 493-503, November.
    18. Shaked, Avner & Sutton, John, 1983. "Natural Oligopolies," Econometrica, Econometric Society, Econometric Society, vol. 51(5), pages 1469-83, September.
    19. Bronwyn H. Hall, 1986. "The Relationship Between Firm Size and Firm Growth in the U.S. Manufacturing Sector," NBER Working Papers 1965, National Bureau of Economic Research, Inc.
    20. Singh, Ajit & Whittington, Geoffrey, 1975. "The Size and Growth of Firms," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 42(1), pages 15-26, January.
    21. Caves, R E & Porter, M E, 1977. "From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 91(2), pages 241-61, May.
    22. R. Glenn Hubbard, 1994. "Investment under Uncertainty: Keeping One's Options Open," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1816-1831, December.
    23. Stephen Hymer & Peter Pashigian, 1962. "Firm Size and Rate of Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 70, pages 556.
    24. John Londregan, 1990. "Entry and Exit over the Industry Life Cycle," RAND Journal of Economics, The RAND Corporation, vol. 21(3), pages 446-458, Autumn.
    25. Mary E. Deily, 1991. "Exit Strategies and Plant-Closing Decisions: The Case of Steel," RAND Journal of Economics, The RAND Corporation, vol. 22(2), pages 250-263, Summer.
    26. Evans, David S, 1987. "Tests of Alternative Theories of Firm Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(4), pages 657-74, August.
    27. Pryor, Frederic L, 1972. "An International Comparison of Concentration Ratios," The Review of Economics and Statistics, MIT Press, vol. 54(2), pages 130-40, May.
    28. Ghemawat, Pankaj & Nalebuff, Barry, 1990. "The Devolution of Declining Industries," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(1), pages 167-86, February.
    29. Martha A. Schary, 1991. "The Probability of Exit," RAND Journal of Economics, The RAND Corporation, vol. 22(3), pages 339-353, Autumn.
    30. Cohen, Wesley M. & Levin, Richard C., 1989. "Empirical studies of innovation and market structure," Handbook of Industrial Organization, Elsevier, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 18, pages 1059-1107 Elsevier.
    31. Michael D. Whinston, 1988. "Exit with Multiplant Firms," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 568-588, Winter.
    32. Kumar, M S, 1985. "Growth, Acquisition Activity and Firm Size: Evidence from the United Kingdom," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 33(3), pages 327-38, March.
    33. McCloughan, Patrick, 1995. "Simulation of Concentration Development from Modified Gibrat Growth-Entry-Exit Processes," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 43(4), pages 405-33, December.
    34. Steven Klepper & Elizabeth Graddy, 1990. "The Evolution of New Industries and the Determinants of Market Structure," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 27-44, Spring.
    35. John Sutton, 1996. "Game-theoretic models of market structure," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 2184, London School of Economics and Political Science, LSE Library.
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    Citations

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    Cited by:
    1. John Sutton, 1996. "Game Theoretical Models of Market Structure," STICERD - Economics of Industry Papers, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE 15, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    2. BARRIOS, Salvador & GOERG, Holger & STROBL, Eric, 2004. "The evolution of the firm size distribution and nationality of ownership," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2004022, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. J, A, Abowd & Bruno Crépon & Francis Kramarz, 1997. "Moment Estimation with Attrition," Working Papers, Centre de Recherche en Economie et Statistique 97-35, Centre de Recherche en Economie et Statistique.
    4. John Sutton, 2001. "Rich Trades, Scarce Capabilities: Industrial Development Revisited," STICERD - Economics of Industry Papers, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE 28, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    5. Nicholas Bloom, 2000. "A Generalised Model of Investment under Uncertainty: Aggregation and Estimation," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 1505, Econometric Society.

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