G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11069
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
URLhttps://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.
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