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Industrial competition dynamics
Scope of the industrial competition dynamics research program
- Challenges existing preconceptions of the competitive process that
used measures like market concentration as a statistical summary of
the state of competition in an industry.
- Establishes that merger entry is quite effective in stimulating productivity,
notably more so in science-based industries than others;
- Ascertains how important entry and exit are and how they react to
economic conditions, and how merger entry and greenfield entry (entry
by building new plants) are substitutes for one another;
- Describes how inefficiencies are reduced by turnover; how small firms
and large firms grow and decline, and how change is related to the speed
with which profits, when they move away from the mean, regress back
Overview and description of publications