TY - JOUR
T1 - The footprint of evolutionary processes of learning and selection upon the statistical properties of industrial dynamics
AU - Dosi, Giovanni
AU - Pereira, Marcelo C.
AU - Virgillito, Maria Enrica
PY - 2017
Y1 - 2017
N2 - 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?\r\nIn 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,\r\npersistent market turbulence, and fat-tailed distribution of growth rates.
AB - 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?\r\nIn 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,\r\npersistent market turbulence, and fat-tailed distribution of growth rates.
KW - L6 - Industry Studies: Manufacturing L11 - Production
KW - Pricing
KW - Simulation Modeling
KW - Size Distribution of Firms C63 - Computational Techniques
KW - and Market Structure
KW - L6 - Industry Studies: Manufacturing L11 - Production
KW - Pricing
KW - Simulation Modeling
KW - Size Distribution of Firms C63 - Computational Techniques
KW - and Market Structure
UR - https://publicatt.unicatt.it/handle/10807/98375
UR - https://www.scopus.com/inward/citedby.uri?partnerID=HzOxMe3b&scp=85027166697&origin=inward
UR - https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85027166697&origin=inward
U2 - 10.1093/icc/dtw044
DO - 10.1093/icc/dtw044
M3 - Article
SN - 0960-6491
VL - 26
SP - 187
EP - 210
JO - Industrial and Corporate Change
JF - Industrial and Corporate Change
IS - 2
ER -