Industry dynamics with knowledge-based competition: a computational study of entry and exit patterns |
| |
Authors: | Myong-Hun Chang |
| |
Institution: | (1) Department of Economics, Cleveland State University, Cleveland, OH 44115, USA |
| |
Abstract: | I propose a computational model of industry evolution capable of matching many stylized facts. It views the firm as a myopic
but adaptive entity whose survival depends on its ability to perform various activities with greater efficiency than its rivals.
In this model, the shakeout pattern arises naturally in the early stage of industrial development. I provide a full comparative
dynamics analysis of how various industry-specific factors determine the numbers and the rates of entries and exits over time
as well as the ages of the exiting firms.
An earlier version of this paper was circulated and presented under the title, “Non-Equilibrium Industry Dynamics with Knowledge-Based
Competition: An Agent-Based Computational Model.” I would like to thank the two anonymous referees, Jason Barr, Ed Bell, Jon
Harford, Joe Harrington, Bill Kosteas, Edward Nell, and the conference participants at the EEA-2007 Meetings (New York, NY)
as well as the 2007 International System Dynamics Conference (Boston, MA) for their helpful comments and suggestions. I gratefully
acknowledge the support of the College of Graduate Studies at Cleveland State University. |
| |
Keywords: | Industry dynamics Shakeouts Innovation Imitation Agent-based computational model |
本文献已被 SpringerLink 等数据库收录! |
|