A Baseline Model of Industry Evolution

Sidney Winter (), Yuri (Yuriy) Kaniovski (Kaniovskyi) () and Giovanni Dosi

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: The paper analyses some general dynamic properties of industries characterized by heterogeneous firms and continuing stochastic entry. After a brief critical assessment of some significant drawbacks of recent contributions to modeling of stochastic industrial dynamics, we propose a novel analytical apparatus able to derive some generic properties of the underlying competition process combining persistent technological heterogeneity, differential growth of individual firms and turnover. The basic model, we suggest, is indeed applicable with proper modifications to a large class of evolutionary processes, well beyond industrial dynamics.

Keywords: Evolution; Competition; Stochastic entry; Industrial dynamics; Evolutionary games (search for similar items in EconPapers)
Date: 2003-12-14
New Economics Papers: this item is included in nep-cbe, nep-ent and nep-tid
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Citations: View citations in EconPapers (42)

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Related works:
Journal Article: A baseline model of industry evolution (2003)
Working Paper: A Baseline Model of Industry Evolution (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2003/12

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