A Theory of Industry Life Cycle

Jinsoo Yoo
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Jinsoo Yoo: Department of Economics, Sookmyung Women¡¯s University

Journal of Economic Development, 2000, vol. 25, issue 1, 155-172

Abstract: This paper derives the equilibrium timing of entries and exits as well as the equilibrium output levels over the industry life cycle. This paper also examines the effects of the increase in entry costs. It turns out that the first entry may occur earlier when the entry costs increase. In an extended model with 3 potential entrants, it is shown that the first entry may be delayed with the third firm, and that the less efficient firm may be the first entrant in some exceptional cases.

Date: 2000
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