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Myong-Hun Chang 《Journal of Economics & Management Strategy》1998,7(3):461-488
This paper examines the equilibrium degree of flexibility adopted by firms competing in oligopolistic product markets in which the value of flexibility arises from the initial presence of uncertainty over consumer preferences and its eventual resolution. The equilibrium choice of flexible mode depends on the following factors: (1) the cost of switching product design in response to revealed consumer preferences, (2) the difference in the acquisition costs of the flexible and dedicated modes, and (3) the precision of the ex ante information held by the firms regarding consumer preferences. The relationship between these factors and the equilibrium choice of modes is fully characterized. 相似文献
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Myong-Hun Chang Joseph E. Harrington Jr. 《Journal of Economics & Management Strategy》1996,5(2):175-193
It is generally believed that industries with greater product differentiation have higher rates of return. This paper shows that this effect breaks down in the presence of firm-specific cost shocks. Greater substitutability in products generates two opposing effects: (1) it allows a larger increase in demand when a firm has a favorable cost shock, which more than compensates for the reduction in demand when it has an unfavorable cost shock, and (2) it results in more intense price competition. These two countervailing forces result in industry profit being highest in markets with a moderate degree of product differentiation. 相似文献
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Industry dynamics with knowledge-based competition: a computational study of entry and exit patterns
Myong-Hun Chang 《Journal of Economic Interaction and Coordination》2009,4(1):73-114
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. 相似文献
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It’s worth a shot: urban density,endogenous vaccination decisions,and dynamics of infectious disease
Souther Andrew Chang Myong-Hun Tassier Troy 《Journal of Economic Interaction and Coordination》2023,18(1):163-189
Journal of Economic Interaction and Coordination - We develop an agent-based model of vaccine decisions across a heterogeneous network model with urban and rural regions. In the model, agents make... 相似文献
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