Selection and the Evolution of Industry
Abstract
Recent evidence shows that within an industry, smaller firms grow faster and are more likely to fail than large firms. This paper provides a theory of selection with incomplete information that is consistent with these and other findings. Firms learn about their efficiency as they operate in the industry. The efficient grow and survive; the inefficient decline and fail. A perfect foresight equilibrium is proved by means of showing that it is a...
Paper Details
Title
Selection and the Evolution of Industry
Published Date
May 1, 1982
Journal
Volume
50
Issue
3
Pages
649 - 649
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