Search for Multiple Equilibria in Urban Industrial Structure
AbstractTheories of multiple equilibria (ME) are now widespread across many fields of economics. Yet little empirical work has asked if such multiple equilibria are salient features of real economies. We examine this in the context of the Allied bombing of Japanese cities and industries in WWII in data for 114 Japanese cities in eight manufacturing industries. The data reject the existence of multiple equilibria. In the aftermath even of gargantuan shocks, a city recovers not only its population and its share of aggregate manufacturing, but even the specific industries it had before.
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Bibliographic InfoPaper provided by Econometric Society in its series Econometric Society 2004 North American Winter Meetings with number 639.
Date of creation: 11 Aug 2004
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Other versions of this item:
- Donald R. Davis & David E. Weinstein, 2008. "A Search For Multiple Equilibria In Urban Industrial Structure," Journal of Regional Science, Wiley Blackwell, vol. 48(1), pages 29-65.
- 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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