Sunk Costs, Market Structure and Growth
Sunk Costs, Market Structure and Growth
复制标题
沉没成本、市场结构和增长
DOI：
10.2139/ssrn.37751
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发表时间：
1995
期刊：
影响因子：
--
通讯作者：
P. Peretto
中科院分区：
文献类型：
--
作者：
P. Peretto
我讨论了一种内生创新模型，该模型将现代企业的内部研发活动带到了最前沿。在对称寡头垄断中，企业根据不完全溢出的研究技术进行降低成本的研发。销售和研发资源的集中度决定了企业研发运营的最佳规模和效率，从而决定了生产率的增长率。此外，研发支出（沉没成本）是总固定成本的一个组成部分，决定了零利润均衡中活跃企业的数量。这种反馈使得价格、投资、进入和退出决策相互依赖。平衡增长路径的丰富特征被定义为一般均衡中市场支持的增长率和企业数量。多重均衡可能存在，企业对竞争的预期决定了经济的表现。
I discuss a model of endogenous innovation that brings to the forefront the in-house R&D activity of the modern corporation. In a symmetric oligopoly, firms undertake cost-reducing R&D subject to a research technology with incomplete spillovers. Concentration of sales and R&D resources determine the optimal scale and the efficiency of firms' R&D operations and, thus, the rate of productivity growth. In addition, R&D expenditures (a sunk cost) are one component of total fixed costs and determine the number of active firms in zero-profit equilibrium. This feed-back makes the price, investment, entry, and exit decisions interdependent. A rich characterization of the balanced growth path, defined as the rate of growth and the number of firms that the market supports in general equilibrium, emerges. Multiple equilibria may exist and firms' expectations about rivalry determine the economy's performance.