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Industrial Dynamics, Path-Dependence And Technological Change

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Author Info
Fernando Vega Redondo (Instituto Valenciano de Investigaciones Económicas)
Abstract

In this paper, 1 propose a game-theoretic, intertemporal model of industrial competition in which active firms innovate, imitate, enter or exit as it is optimal in some prevailing (Markov Perfect) equilibrium. The main novel feature of the approach is that technological change is modelled as advance along a directed graph of technologies. This permits a rigorous formalization of such key notions as technological distance, technological precedence, or switching coss, all of which play a crucial role in the model. In particular, they underlie a process of technological change which is highly path-dependent. The theoretical analysis of the paper centers on existence and ergodicity issues but also investigates the effect of different technological structures (digraphs) on the induced population dynamics.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1993-04.pdf
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1993-04.

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Length: 54 pages
Date of creation: Jul 1993
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1993-04

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Begoña Subiza & Carmen Herrero Blanco, 1991. "A Characterization Of Acyclic Preferences On Countable Sets," Working Papers. Serie AD 1991-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  2. Luis Corchón & Carmen Beviá Baeza, 1993. "On The Generic Impossibility Of Truthful Behavior: A Simple Approach," Working Papers. Serie AD 1993-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  3. Jovanovic, Boyan & MacDonald, Glenn M., 1988. "Competitive Diffusion," Working Papers 88-29, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  4. Fernando Vega Redondo, 1993. "Shaping Long-Run Expectations In Problems Of Coordination," Working Papers. Serie AD 1993-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  5. Gonzalo Olcina Vauteren & Amparo Urbano Salvador, 1993. "INTROSPECTION AND EQUILIBRIUM SELECTION IN 2x2 MATRIX GAMES," Working Papers. Serie AD 1993-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  6. Antonio Villar Notario & Carmen Herrero Blanco, 1990. "Vector Mappings With Diagonal Images," Working Papers. Serie AD 1990-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  7. Fudenberg, Drew & Levine, David, 1983. "Subgame-perfect equilibria of finite- and infinite-horizon games," Journal of Economic Theory, Elsevier, vol. 31(2), pages 251-268, December. [Downloadable!] (restricted)
    Other versions:
  8. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March. [Downloadable!] (restricted)
  9. Iwai, Katsuhito, 1984. "Schumpeterian dynamics : An evolutionary model of innovation and imitation," Journal of Economic Behavior & Organization, Elsevier, vol. 5(2), pages 159-190, June. [Downloadable!] (restricted)
  10. Fernando Vega Redondo, 1991. "Competition And Culture In The Evolution Of Economic Behavior: A Simple Example," Working Papers. Serie AD 1991-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  11. A. Jorge Padilla, 1991. "Mixed Pricing In Oligopoly With Consumer Switching Costs," Working Papers. Serie AD 1991-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  12. Herrero, Carmen & Marco, Maria Carmen, 1993. "Rational equal-loss solutions for bargaining problems," Mathematical Social Sciences, Elsevier, vol. 26(3), pages 273-286, November. [Downloadable!] (restricted)
  13. María del Carmen Marco Gil, 1993. "A Characterization Of The Extended Claim-Egalitarian Solution," Working Papers. Serie AD 1993-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  14. Carmen Herrero Blanco & José Manuel Gutiérrez Díez, 1990. "Lagrangean Conditions For General Optimization Problems With Applications To Consumer Theory," Working Papers. Serie AD 1990-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  15. Grossman, Gene M & Helpman, Elhanan, 1991. "Quality Ladders and Product Cycles," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 557-86, May. [Downloadable!] (restricted)
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  16. Luis Corchón, 1990. "Monopolistic Competition: Equilibrium And Optimality," Working Papers. Serie AD 1990-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  17. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May. [Downloadable!] (restricted)
  18. Javier M. López Cuñat & José Angel Silva, 1991. "First-Best, Second-Best And Principal-Agent Problems," Working Papers. Serie AD 1991-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  19. Luis Corchón & Ignacio Ortuño Ortín, 1991. "Robust Implementation Under Alternative Information Structures," Working Papers. Serie AD 1991-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  20. Fernando Vega Redondo, 1991. "Technological Change And Market Structure: An Evolutionary Approach," Working Papers. Serie AD 1991-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  21. Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-50, September. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nikolai S. Kukushkin, 1993. "Cournot Oligopoly With "Almost" Identical Convex Costs," Working Papers. Serie AD 1993-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  2. Luis Corchón & Carmen Beviá Baeza, 1993. "On The Generic Impossibility Of Truthful Behavior: A Simple Approach," Working Papers. Serie AD 1993-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  3. Begoña Subiza Martínez, 1993. "Numerical Representation Of Acyclic Preferences," Working Papers. Serie AD 1993-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  4. María Dolores Guilló, 1995. "Terms-Of-Trade And The Current Account: A Two-Country/Two-Sector Growth Model," Working Papers. Serie AD 1995-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  5. Carmen Herrero Blanco, 1993. "Endogenous Reference Points And The Adjusted Proportional Solution For Bargaining Problems With Claims," Working Papers. Serie AD 1993-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  6. Luis Corchón & Andreu Mas-Colell, 1995. "A Note On Stability Of Best Reply And Gradient Systems With Applications To Imperfectly Competitive Models," Working Papers. Serie AD 1995-18, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  7. Fernando Vega Redondo, 1993. "Shaping Long-Run Expectations In Problems Of Coordination," Working Papers. Serie AD 1993-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  8. Martín Browning, 1993. "Dual Approaches To Utility," Working Papers. Serie AD 1993-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  9. Miguel González-Maestre, 1993. "Divisionalization In Markets With Hetergeneous Goods," Working Papers. Serie AD 1993-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  10. José Alcalde, 1995. "Exchange-Proofness or Divorce-Proofness? Stability in One-Sided Matching Markets," Working Papers. Serie AD 1995-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
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