By J. K. Sengupta
Jati ok. Sengupta examines the industry dynamics of the evolution of and the impression of recent know-how with R&D and data capital. The booklet builds the idea of options within the contexts of the high-tech industries of at the present time resembling computing and telecommunications.
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Extra resources for Competition and Growth: Innovations and Selection in Industry Evolution
One has to note however some basic weakness of these empirical studies. For example, high entry barriers may imply modest proﬁts, if the rents of scarce factors have been capitalized. Also the situation r > r ∗ may not be very persistent if there exists stochastic market uncertainty. Uncertainty tends to differ between industries and between different periods in the life of an industry. The analysis of the life cycle is particularly important here. During the early stage of an industry’s evolution, when entry rates are high and the market is uncertain, the ﬂexibility of small new ﬁrms allows them to be the main source of cost reduction and innovation thus causing high rates of entry.
A second reason is that this speciﬁcation allows a direct test of the mean reversion hypothesis of the efﬁciency distribution of ﬁrms in terms of costs. This hypothesis tests that the higher deciles of the efﬁciency distribution generate smaller increases in efﬁciency than the lower deciles. This idea has been applied by Mazzucato (2000) in a series of simulation studies based on a differential equation model cj (t + 1) − 1 = −λ(1 − sj (t)), cj (t) λ > 0. This assumes that the speed of cost reduction of an efﬁcient ﬁrm j falls as its market share increases.
A. (1930): The Genetical Theory of Natural Selection. Clarendon Press, Oxford. Gabszewicz, J. and Michel, P. (1991): Capacity adjustments in a competitive industry. In: Gabszewicz, J. ), Equilibrium Theory and Applications. Cambridge University Press, Cambridge. W. (1971): Dynamic limit pricing: Optimal pricing under threat of entry. Journal of Economic Theory 3, 306–22. E. (1990): Invariance properties of solow’s productivity residual. In: Diamond, P. ), Growth, Productivity and Unemployment. MIT Press, Cambridge, MA.
Competition and Growth: Innovations and Selection in Industry Evolution by J. K. Sengupta