Model of Industry Evolution under Innovations

Jati Sengupta
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Jati Sengupta: University of California

Chapter 6 in Dynamics of Entry and Market Evolution, 2007, pp 143-157 from Palgrave Macmillan

Abstract: Abstract How does an industry grow? What are the economic forces behind this evolution? These questions are important today in the framework of modern industrial growth, where advances in technology and innovations through R&D investments are playing very active roles. We develop here a model of industry evolution which incorporates the innovations flow and determines its growth pattern. This dynamic model characterizes the highly competitive process of adjustment in the market place, which is reflected in both output quantities and prices. Innovations add stochasticity to the competitive adjustment process.

Keywords: Data Envelopment Analysis; Unstable Manifold; Data Envelopment Analysis Model; Average Cost; Excess Demand (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-21101-8_6

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DOI: 10.1057/9780230211018_6

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