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The Life Cycle of a Competitive Industry

Listed author(s):
  • Jovanovic, Boyan
  • MacDonald, Glenn M

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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File URL: http://dx.doi.org/10.1086/261934
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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 102 (1994)
Issue (Month): 2 (April)
Pages: 322-347

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Handle: RePEc:ucp:jpolec:v:102:y:1994:i:2:p:322-47
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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