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A baseline model of industry evolution

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Author Info
Sidney Winter ()
Yuri Kaniovski ()
Giovanni Dosi ()

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Abstract

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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File URL: http://hdl.handle.net/10.1007/s00191-003-0163-y
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Publisher Info
Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 13 (2003)
Issue (Month): 4 (October)
Pages: 355-383
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Handle: RePEc:spr:joevec:v:13:y:2003:i:4:p:355-383

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Related research
Keywords: Evolution; Competition; Stochastic entry; Industrial dynamics; Evolutionary games;

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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. Dosi, Giovanni, et al, 1995. " Learning, Market Selection and the Evolution of Industrial Structures," Small Business Economics, Springer, vol. 7(6), pages 411-36, December.
  2. Ericson, Richard & Pakes, Ariel, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Blackwell Publishing, vol. 62(1), pages 53-82, January. [Downloadable!] (restricted)
  3. Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988. "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter. [Downloadable!] (restricted)
    Other versions:
  4. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  5. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May. [Downloadable!] (restricted)
  6. Baldwin,John R. & Gorecki,Paul & Caves,Richard E. & Dunne,Tim & Haltiwanger John, 1995. "The Dynamics of Industrial Competition," Cambridge Books, Cambridge University Press, number 9780521465618, August.
  7. 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)
  8. Jensen, J Bradford & McGuckin, Robert H, 1997. "Firm Performance and Evolution: Empirical Regularities in the US Microdata," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 25-47.
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  9. 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.
  10. Dosi, Giovanni, et al, 1997. "Industrial Structures and Dynamics: Evidence, Interpretations and Puzzles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 3-24.
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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. Thomas Brenner & Claudia Werker, 2007. "A Taxonomy of Inference in Simulation Models," Computational Economics, Springer, vol. 30(3), pages 227-244, October. [Downloadable!] (restricted)
  2. Mamede, Ricardo, 2006. "Towards an integrated approach to industry dynamics and labour mobility," MPRA Paper 3994, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Elizabeth Webster, 2004. "Firms' decisions to innovate and innovation routines," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 13(8), pages 733-745, December. [Downloadable!] (restricted)
    Other versions:
  4. T. Brenner & C. Werker, 2006. "A Practical Guide to Inference in Simulation Models," Papers on Economics and Evolution 2006-02, Max Planck Institute of Economics, Evolutionary Economics Group.
  5. Sydney Winter & Giovanni Dosi, 2000. "Interpreting Economic Change: Evolution, Structures and Games," LEM Papers Series 2000/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  6. S.G. Winter & Y.M. Kaniovski & G. Dosi, 1998. "Modeling Industrial Dynamics with Innovative Entrants," Working Papers ir98022, International Institute for Applied Systems Analysis. [Downloadable!]
    Other versions:
  7. Svein Olav Nås, 2007. "Industrial structure, business demography and innovation," Working Papers on Innovation Studies 20070611, Centre for Technology, Innovation and Culture, University of Oslo. [Downloadable!]
  8. Andrea Bonaccorsi & Paola Giuri, 1999. "Network Structure and Industrial Dynamics. The long-term evolution of the aircraft-engine industry," LEM Papers Series 1999/06, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
    Other versions:
  9. Jürgen Essletzbichler & David Rigby, 2005. "Technological evolution as creative destruction of process heterogeneity: evidence from US plant-level data," Economic Systems Research, Taylor and Francis Journals, vol. 17(1), pages 25-45, March. [Downloadable!] (restricted)
  10. Holly, S. & Santoro, E., 2008. "Financial Fragility, Heterogeneous Firms and the Cross Section of the Business Cycle," Cambridge Working Papers in Economics 0846, Faculty of Economics, University of Cambridge. [Downloadable!]
    Other versions:
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