Competition and Growth: Innovations and Selection in by J. K. Sengupta

By J. K. Sengupta

Jati ok. Sengupta examines the industry dynamics of the evolution of and the effect of latest expertise with R&D and information capital. The publication builds the speculation of concepts within the contexts of the high-tech industries of this present day similar to computing and telecommunications.

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Extra resources for Competition and Growth: Innovations and Selection in Industry Evolution

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On using conditional estimates of σ 2 (t) and ε(t) the variance model may be specified as σ 2 (t) = β0 + β1 σˆ 2 (t − 1) + β2 εˆ 2 (t − 1) + η(t − 1). This model provides a simple framework for analyzing the persistence of heterogeneity in the cost output data due to heteroscedasticity. 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.

The optimal industry cost is then K ni Fi (qˆ i (n, D)). L(n) = C(n, D) = i=1 It is easy to show that L(n) is a convex function of n; hence there exists a vector n∗ at which L(n) attains a minimum. Clearly n∗ satisfies the conditions ψi (n∗ ) ≤ 0 and n∗i ∗ i (n ) = 0, all i. 5c) for minimum industry costs. 6) ni = 0 and for all t, the price p(t) equalizes demand and supply. Here n˙ i = dni (t)/dt and the functions gi (ψi ) are assumed to be continuous, strictly increasing and bounded with gi (0) = 0.

Note that π(n) = π s (n) > 0 if and only if n < n∗ and vice versa. 10d). , ns > nf ) at the margin is that it is welfare-improving if we marginally decrease the number of firms from its free-entry equilibrium level. The above two results on the first-best and second-best excess entry theorems may be generalized in the case where each firm chooses one of several cost functions as in the Dreze–Sheshinski model. But the existence of unequal fixed costs for different firms may alter the long-run pattern of profits.

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