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Technological change and market structure: An evolutionary approach

Vega-Redondo, Fernando (1996) 'Technological change and market structure: An evolutionary approach.' International Journal of Industrial Organization, 14 (2). pp. 203-226. ISSN 0167-7187

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This paper studies an inter-temporal market context in which firms innovate, imitate, and compete in quantities and technological choices each period. Potential entrants enter if there are profitable opportunities; incumbent firms exit when they go bankrupt. The key aspect of the model is that technological change evolves along a directed graph. This graph reflects both the direction of technological change and the magnitude of costs involved in switching technologies. In this set-up, my main concern is to explore the implications of different technological structures on entry/exit dynamics and on the evolution of market characteristics (market concentration, profitability variance, etc.).

Item Type: Article
Uncontrolled Keywords: Technological change; Evaluation; Path dependence
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 05 Jan 2013 22:25
Last Modified: 05 Jan 2013 22:25

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