A baseline model of industry evolution |
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Authors: | Email author" target="_blank">Sidney?G?WinterEmail author Yuri?M?Kaniovski Giovanni?Dosi |
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Institution: | (1) The Wharton School, University of Pennsylvania, 2000 Steinberg Hall-Dietrich Hall, PA 19104.6370 Philadelphia, USA;(2) School of Economics, Free University of Bozen . Bolzano, Via Sernesi 1, 39100 Bolzano, Italy;(3) The Sant'Anna School of Advanced Studies, Via Carducci 40, 56127 Pisa, Italy |
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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.JEL Classification:
L11, O30, C60Support to this research by the International Institute for Applied Systems Analysis (IIASA), Austria; the Fujitsu Research Institute for Advanced Information (FRI), Japan; the Italian National Research Council (CNR), the Italian Ministry of Education, University and Research (MIUR, prot. 2002132413 003) and the Free University of Bozen
Bolzano, Italy, is gratefully acknowledged. Comments by Andrea Bassanini, Francesca Chiaromonte, Steven Klepper, Uwe Cantner, Drew Fudenberg and the anonymous referees helped in shaping the paper to its present form. Mariele Berté provided the computer simulations of the model. The usual caveats apply.Correspondence to: G. Dosi |
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Keywords: | Evolution Competition Stochastic entry Industrial dynamics Evolutionary games |
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