A baseline model of industry evolution
The paper analyses some general dynamic properties of industries characterized by heterogeneous firms and continuing stochastic entry. After a brief critical assessment of some significant drawbacks of recent contributions to modeling of stochastic industrial dynamics, we propose a novel analytical apparatus able to derive some generic properties of the underlying competition process combining persistent technological heterogeneity, differential growth of individual firms and turnover. The basic model, we suggest, is indeed applicable with proper modifications to a large class of evolutionary processes, well beyond industrial dynamics. Copyright Springer-Verlag Berlin/Heidelberg 2003
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Volume (Year): 13 (2003)
Issue (Month): 4 (October)
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- Baldwin,John R. & Gorecki,Paul, 1995.
"The Dynamics of Industrial Competition,"
Cambridge University Press, number 9780521465618, October.
- Robert H Mcguckin & Bradford J Jensen, 1996.
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- Ufuah, Allan N & Utterback, James M, 1997. "Responding to Structural Industry Changes: A Technological Evolution Perspective," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 183-202.
- Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
- Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May.
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