Ericson Pakes (1995) - Markov Perfect Industry Dynamics A Framework For Empirical Work

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1、TheReviewofEconomicStudiesLtd.Markov-PerfectIndustryDynamics:AFrameworkforEmpiricalWorkAuthor(s):RichardEricsonandArielPakesSource:TheReviewofEconomicStudies,Vol.62,No.1(Jan.,1995),pp.53-82Publishedby:TheReviewofEconomicStudiesLtd.StableURL:http://www.jstor.org/stable/2297841Accessed:16/03/200910

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6、fEconomicStudiesLimitedMarkov-PerfectIndustryDynamics:AFrameworkforEmpiricalWorkRICHARDERICSONColumbiaUniversityandARIELPAKESYaleUniversityandNBERFirstversionreceivedMarch1990;finalversionacceptedJuly1994(Eds.)Thispaperprovidesamodeloffirmandindustrydynamicsthatallowsforentry,exitandfirm-specific

7、uncertaintygeneratingvariabilityinthefortunesoffirms.Itfocusesontheimpactofuncertaintyarisingfrominvestmentinresearchandexploration-typeprocesses.Itanalysesthebehaviourofindividualfirmsexploringprofitopportunitiesinane