The footprint of evolutionary processes of learning and selection upon the statistical properties of industrial dynamics

Maria Enrica Virgillito, Giovanni Dosi, Marcelo C. Pereira

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review

20 Citazioni (Scopus)

Abstract

Evolutionary theories of economic change identify the processes of idiosyncratic learning by individual firms and of market selection as the two main drivers of the dynamics of industries. Are such processes able to account for the statistical regularities which industrial structures and dynamics display? In this work we address this question by means of a simple multi-firm model formalizing the mechanisms of learning and selection. As such, despite its simplicity, the model is able to robustly reproduce an ensemble of empirical stylized facts, including ample heterogeneity in productivity distributions, persistent market turbulence, and fat-tailed distribution of growth rates.
Lingua originaleEnglish
pagine (da-a)187-210
Numero di pagine24
RivistaIndustrial and Corporate Change
Volume26
DOI
Stato di pubblicazionePubblicato - 2017

Keywords

  • L6 - Industry Studies: Manufacturing L11 - Production, Pricing, and Market Structure
  • Simulation Modeling
  • Size Distribution of Firms C63 - Computational Techniques

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