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来源类型Working Paper
规范类型报告
DOI10.3386/w11900
来源IDWorking Paper 11900
Markov Perfect Industry Dynamics with Many Firms
Gabriel Weintraub; C. Lanier Benkard; Ben Van Roy
发表日期2005-12-26
出版年2005
语种英语
摘要We propose an approximation method for analyzing Ericson and Pakes (1995)-style dynamic models of imperfect competition. We develop a simple algorithm for computing an ``oblivious equilibrium,'' in which each firm is assumed to make decisions based only on its own state and knowledge of the long run average industry state, but where firms ignore current information about competitors' states. We prove that, as the market becomes large, if the equilibrium distribution of firm states obeys a certain ``light-tail'' condition, then oblivious equilibria closely approximate Markov perfect equilibria. We develop bounds that can be computed to assess the accuracy of the approximation for any given applied problem. Through computational experiments, we find that the method often generates useful approximations for industries with hundreds of firms and in some cases even tens of firms.
主题Microeconomics ; Mathematical Tools ; Game Theory ; Industrial Organization ; Market Structure and Firm Performance
URLhttps://www.nber.org/papers/w11900
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/569551
推荐引用方式
GB/T 7714
Gabriel Weintraub,C. Lanier Benkard,Ben Van Roy. Markov Perfect Industry Dynamics with Many Firms. 2005.
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