The Footprint of Evolutionary Processes of Learning and Selection Upon the Statistical Properties of Industrial Dynamics
The Footprint of Evolutionary Processes of Learning and Selection Upon the Statistical Properties of Industrial Dynamics
复制标题
学习和选择的进化过程对工业动态统计特性的影响
DOI：
10.2139/ssrn.2764279
复制
发表时间：
2016
期刊：
影响因子：
--
通讯作者：
M. Virgillito
中科院分区：
文献类型：
--
作者：
G. Dosi;M. C. Pereira;M. Virgillito
Evolutionary theories of economic change identify the processes of idiosyncratic learningby individual firms and of market selection as the two main drivers of the dynamics of industries. Are such processes able to robustly account for the statistical regularities which industrial structures and dynamics display? In this work we address this question by means of a simple agent-based model formalizing the mechanisms of learning and selection. The interplay between these two engines shapes the dynamics of entry-exit and market shares and, collectively, the productivity and the size distributions and their patterns of growth. As such, and despite its simplicity, the model is able to robustly reproduce an ensemble of empirical stylised facts, including ample heterogeneity in productivity distributions, persistent market turbulence and fat-tailed distribution of growth rates.
