haku: @author Pakes, A. / yhteensä: 10
viite: 5 / 10
| Tekijä: | Ericson, R. Pakes, A. |
| Otsikko: | Markov-Perfect industry dynamics: a framework for empirical work |
| Lehti: | Review of Economic Studies
1995 : JAN, VOL. 62(1):210, p. 53-82 |
| Asiasana: | ECONOMICS COMPANIES MODELS |
| Kieli: | eng |
| Tiivistelmä: | This paper provides a model of firm and industry dynamics that allows for entry, exit and firm-specific uncertainty generating variability in the fortunes of firms. It focuses on the impact of uncertainty arising from investment in research and exploration-type processes. It analyses the behaviour of individual firms exploring profit opportunities in an evolving market place and derives optimal policies, including exit, in this environment. |
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