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The Life Cycle of a Competitive Industry
Open accessAbstract
Firm numbers first rise, then later fall, as an industry evolves. This nonmonotonicity is explained using a competitive model in which innovation opportunities fuel entry and relative failure to innovate prompts exit; equilibrium time paths for price and quantity also share features of the data. The model is estimated using data from the U.S. automobile tire industry, a particularly dramatic example of the nonmonotonicity in firm numbers.
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Citations
Cited by
Sectoral systems of innovation and production
Malerba, F. (2002) · Research Policy · doi:10.1016/s0048-7333(01)00139-1 · Cited by 2,733
Nursery Cities: Urban Diversity, Process Innovation, and the Life Cycle of Products
Duranton, G., & Puga, D. (2001) · American Economic Review · doi:10.1257/aer.91.5.1454 · Cited by 1,509
Search-Theoretic Models of the Labor Market: A Survey
Rogerson, R., Shimer, R., & Wright, R. (2005) · Journal of Economic Literature · doi:10.1257/002205105775362014 · Cited by 1,051
Expected Idiosyncratic Skewness
Boyer, B., Mitton, T., & Vorkink, K. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhp041 · Cited by 833
Innovative clusters and the industry life cycle
Audretsch, D. B., & Feldman, M. P. (1996) · Review of Industrial Organization · doi:10.1007/bf00157670 · Cited by 685
Metadata
- Authors
- Jovanovic, B., & MacDonald, G. M.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1994-04
- Volume
- 102
- Issue
- 2
- Pages
- 322-347
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2070936194
- Cited by
- 733
- References
- 0
- FWCI
- 20.00
- Type
- journal article
- Language
- en
- Open access
- green
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- Jovanovic, B., & MacDonald, G. M. (1994). The Life Cycle of a Competitive Industry. Journal of Political Economy. https://doi.org/10.1086/261934
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
