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Creative destruction in local markets

  • Jaap H. Abbring
  • Jeffrey R. Campbell

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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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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  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, June.
  2. Jaap H. Abbring & Jeffrey R. Campbell, 2003. "A structural empirical model of firm growth, learning, and survival," Working Paper Series WP-03-11, Federal Reserve Bank of Chicago.
  3. Jeffrey R. Campbell & Hugo Hopenhayn, 2003. "Market size matters," Working Paper Series WP-03-12, Federal Reserve Bank of Chicago.
  4. Jeffrey Campbell, 1998. "Entry, Exit, Embodied Technology, and Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 371-408, April.
  5. Sam Peltzman, 1977. "The Gains and Losses From Industrial Concentration," NBER Working Papers 0163, National Bureau of Economic Research, Inc.
  6. Smith, Ransford, 2004. "Size matters," World Trade Review, Cambridge University Press, vol. 3(03), pages 441-446, November.
  7. Hamermesh, D.S. & Hassink, W.H.J. & van Ours, J.C., 1996. "Job turnover and labor turnover : A taxonomy of employment dynamics," Other publications TiSEM 1f3fab1f-b02a-485a-bb8f-f, Tilburg University, School of Economics and Management.
  8. Conley, T. G., 1999. "GMM estimation with cross sectional dependence," Journal of Econometrics, Elsevier, vol. 92(1), pages 1-45, September.
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