| Author: | Levy, D. |
| Title: | The speed of the invisible hand. |
| Journal: | International Journal of Industrial Organization
1987 : MAR, VOL. 5:1, p. 79-92 |
| Index terms: | MARKET STRUCTURE DYNAMIC MODELS |
| Language: | eng |
| Abstract: | The development of an estimation equation for the incomplete adjustment of past profits from expected future profits. The model is estimated pooling panel data across industries. Adjustment to abnormal profits is relatively quick, market share adjustments are non- instantaneous, and inclusion of industry -specific effects is important. The author suggests that previous studies were susceptible to specification bias from omitted variables. Eight equations and a Table are given. The appendix gives a measurement of variables. |
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