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A Baseline Model of Industry Evolution

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  • S.G. Winter
  • Y.M. Kaniovski
  • G. Dosi

Abstract

The paper analyses the properties and outcomes of competitive dynamics in industries characterized by heterogeneous firms and continuing stochastic entry. A formal analytical apparatus is developed, able to derive some generic properties of the underlying competition process combining persistent technological heterogeneity, differential growth of individual firms and turnover.

Suggested Citation

  • S.G. Winter & Y.M. Kaniovski & G. Dosi, 1997. "A Baseline Model of Industry Evolution," Working Papers ir97013, International Institute for Applied Systems Analysis.
    • Handle: RePEc:wop:iasawp:ir97013
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    References listed on IDEAS

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    1. Jensen, J Bradford & McGuckin, Robert H, 1997. "Firm Performance and Evolution: Empirical Regularities in the US Microdata," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(1), pages 25-47.
    2. Ufuah, Allan N & Utterback, James M, 1997. "Responding to Structural Industry Changes: A Technological Evolution Perspective," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(1), pages 183-202.
    3. Carroll, Glenn R, 1997. "Long-Term Evolutionary Change in organizational Populations: Theory, Models and Empirical Findings in Industrial Demography," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(1), pages 119-143.
    4. Richard Ericson & Ariel Pakes, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(1), pages 53-82.
    5. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-670, May.
    6. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(1), pages 145-181.
    7. Baldwin,John R. & Gorecki,Paul With contributions by-Name:Caves,Richard E. With contributions by-Name:Dunne,Tim With contributions by-Name:Haltiwanger,John, 1998. "The Dynamics of Industrial Competition," Cambridge Books, Cambridge University Press, number 9780521633574.
    8. Dosi, Giovanni, et al, 1997. "Industrial Structures and Dynamics: Evidence, Interpretations and Puzzles," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(1), pages 3-24.
    9. Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-1150, September.
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