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The Resource A computational model of industry dynamics, Myong-Hun Chang

A computational model of industry dynamics, Myong-Hun Chang

Label
A computational model of industry dynamics
Title
A computational model of industry dynamics
Statement of responsibility
Myong-Hun Chang
Creator
Subject
Language
eng
Summary
The economics literature on industry dynamics contains a wide array of empirical works identifying a set of stylized facts. There have been several attempts at constructing analytical models to explain some of these regularities. These attempts are highly stylized and limited in scope to keep the analyses tractable. A general model of industry evolution capable of generating firm and industry behaviour that can match the data is needed. This book endeavours to explain many well-documented aspects of the evolution of industries over time. It uses an agent-based computational model in which artificial industries are created and grown to maturity in silico. While the firms in the model are assumed to have bounded rationality, they are nevertheless adaptive in the sense that their experience-based R&D efforts allow them to search for improved technologies. Given a technological environment subject to persistent and unexpected external shocks, the computationally generated industry remains in a perennial state of flux. The main objective of this study is to identify patterns that exist in the movements of firms as the industry evolves over time along the steady state in which the measured behaviour of the firms and the industry stochastically fluctuate around steady means. The computational model developed in this book is able to replicate many of the stylized facts from the empirical industrial organization literature, particularly as the facts pertain to the dynamics of firm entry and exit. Furthermore, the model allows examination of cross-industry variations in entry and exit patterns by systematically varying the characteristics of the market and the technological environment within which the computationally generated industry evolves. The model demonstrates that the computational approach based on boundedly rational agents in a dynamic setting can be useful and effective in carrying out both positive and normative economic analysis.--
Member of
Assigning source
Provided by Publisher
Cataloging source
DLC
http://library.link/vocab/creatorName
Chang, Myong-Hun
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
bibliography
Series statement
Routledge advances in experimental and computable economics
Series volume
7
http://library.link/vocab/subjectName
  • Industrial organization
  • Industrial sociology
  • Statics and dynamics (Social sciences)
Label
A computational model of industry dynamics, Myong-Hun Chang
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier MARC source
rdacarrier.
Content category
text
Content type MARC source
rdacontent.
Contents
Non-equilibrium dynamics in the evolution of industries -- Models of industry dynamics -- A dynamic model of Schumpeterian competition -- Growing an industry in silico -- Shakeouts : limited foresight, technological shocks, and transient industry dynamics -- Industry dynamics in the steady state : between-industry variations -- Firm dynamics in the steady state : within-industry variations -- Cyclical industrial dynamics with fluctuating demand -- Conclusion
Control code
FIEb17668712
Dimensions
23 cm.
Extent
xvi, 141 pages
Isbn
9780415706841
Media category
unmediated
Media MARC source
rdamedia.
System control number
  • (DLC) 2014037150
  • (OCoLC)900956798
Label
A computational model of industry dynamics, Myong-Hun Chang
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier MARC source
rdacarrier.
Content category
text
Content type MARC source
rdacontent.
Contents
Non-equilibrium dynamics in the evolution of industries -- Models of industry dynamics -- A dynamic model of Schumpeterian competition -- Growing an industry in silico -- Shakeouts : limited foresight, technological shocks, and transient industry dynamics -- Industry dynamics in the steady state : between-industry variations -- Firm dynamics in the steady state : within-industry variations -- Cyclical industrial dynamics with fluctuating demand -- Conclusion
Control code
FIEb17668712
Dimensions
23 cm.
Extent
xvi, 141 pages
Isbn
9780415706841
Media category
unmediated
Media MARC source
rdamedia.
System control number
  • (DLC) 2014037150
  • (OCoLC)900956798

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