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The Life-Cycle of Competitive Industry

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Author Info

  • Jovanovic, B.
  • MacDonald, G.M.

Abstract

Firm numbers first rise, then later fall, as an industry evolves. This nonmonotonicity is explained using a competitive model in which innovation opportunities fuel entry and relative failure to innovate prompts exit; equilibrium time paths for price and quantity also share features of the data. The model is estimated using data from the U.S. automobile tire industry, a particularly dramatic example of the nonmonotonicity in firm numbers. Copyright 1994 by University of Chicago Press.

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Bibliographic Info

Paper provided by Rochester, Business - Financial Research and Policy Studies in its series Papers with number 92-09.

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Length: 43 pages
Date of creation: 1992
Date of revision:
Handle: RePEc:fth:robufr:92-09

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Postal: UNIVERSITY OF ROCHESTER, WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, Bradley Policy Research Center, ROCHESTER NEW YORK 14627 U.S.A.
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Web page: http://www.simon.rochester.edu/
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Keywords: industry ; competition ; prices;

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  1. Jovanovic, B. & MacDonald, G.M., 1992. "The Life-Cycle of Competitive Industry," Papers 92-09, Rochester, Business - Financial Research and Policy Studies.
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