| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11069 |
| DP11069 Very Simple Markov-Perfect Industry Dynamics | |
| Jaap H Abbring; Jeffrey R Campbell | |
| 发表日期 | 2016-01-24 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper develops an econometric model of oligopoly dynamics that can be estimated very quickly from market-level observations of demand shifters and the number of producers. We show that the model has an essentially unique symmetric Markov-perfect equilibrium and provide an algorithm that calculates it quickly. We embed this algorithm in a nested fixed point estimation procedure and apply the result to U.S. local cinema markets. Estimates from County Business Patterns data point to very tough competition for film exhibition rights. Sunk costs make the industry's transition following a permanent demand shock last 10 to 15 years. |
| 主题 | Industrial Organization |
| 关键词 | Demand uncertainty Dynamic oligopoly Firm entry and exit Nested fixed point estimator Sunk costs Toughness of competition Counterfactual policy analysis |
| URL | https://cepr.org/publications/dp11069 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539898 |
| 推荐引用方式 GB/T 7714 | Jaap H Abbring,Jeffrey R Campbell. DP11069 Very Simple Markov-Perfect Industry Dynamics. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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