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J. M. Plehn-Dujowich 《Economics of Innovation and New Technology》2013,22(3):205-223
We propose a general theory of innovation that illustrates the relative benefits of performing process versus product R&D when firm size is endogenous. A firm's size, scope, and R&D portfolio are shown to reflect the same underlying characteristic of the firm, namely manufacturing efficiency. We demonstrate that efficient firms become larger, have greater scope, and perform more of both process and product R&D. In light of decreasing returns to R&D, this implies small firms obtain more product innovations per dollar of R&D than large firms, which is consistent with evidence we present that small firms are more innovative than large firms as they obtain more patent counts and citations per dollar of R&D. 相似文献
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Jose Plehn-Dujowich 《Small Business Economics》2010,35(4):377-398
The contribution of serial entrepreneurs to entrepreneurial activity is significant: in Europe, 18–30% of entrepreneurs are
serial; in the US, their contribution is about one-eighth. Yet, theories of entrepreneurship and industry dynamics presume
that all firms are launched by novice entrepreneurs and firm failure is synonymous with exit from entrepreneurship. We propose
a theory of serial entrepreneurship in which an entrepreneur has three occupational choices: maintain his business in operation,
shut it down to enter the labor market to earn an exogenous wage, or shut it down to launch a new venture while incurring
a serial startup cost. In equilibrium, a high-skill entrepreneur shuts down a business of low quality to become a serial entrepreneur,
launching and subsequently closing firms until a high quality business is found; a low-skill entrepreneur shuts down a business
of low quality to enter the labor market, never to become a serial entrepreneur. A decrease in the wage or serial startup
cost, or an increase in the startup capital, enhances the contribution of serial entrepreneurs to entrepreneurial activity
and promotes new firm formation (by increasing entrepreneurship and the number of new firms that survive), but its effect
on the exit rate of new firms is ambiguous. We show the model is consistent with evidence relating to the impact of an entrepreneur’s
characteristics and prior experience in entrepreneurship on the survival of his firm and his entry into and survival in entrepreneurship. 相似文献
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Jose M. Plehn-Dujowich 《Review of Economic Dynamics》2005,8(4):877
Consider a firm with an arbitrary profit function whose relative price follows a Brownian motion with negative drift. When the firm faces a fixed cost of price adjustment, we prove the optimal pricing policy is a control band if the following sufficient conditions are met: the profit function is continuous, strictly concave and single-peaked; moreover, together with its first and second derivatives, it is bounded in absolute value by a polynomial. We also demonstrate various ways of constructing the value function associated with the control band policy and show it has certain properties carried over from the profit function. Numerical examples are found to be consistent with empirical estimates regarding the frequency of price adjustments. 相似文献
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Choi Jongmoo Jay Ju Ming Plehn-Dujowich Jose M. Zhang Xiaotian Tina 《Review of Quantitative Finance and Accounting》2022,59(3):1095-1131
Review of Quantitative Finance and Accounting - We develop a model of a cooperative power game between a chief executive officer (CEO) and labor over a proposed corporate outsourcing, and test the... 相似文献
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