| Full text | |
| Author(s): |
Dosi, Giovanni
;
Pereira, Marcelo C.
;
Virgillito, Maria Enrica
Total Authors: 3
|
| Document type: | Journal article |
| Source: | INDUSTRIAL AND CORPORATE CHANGE; v. 26, n. 2, p. 187-210, APR 2017. |
| Web of Science Citations: | 10 |
| Abstract | |
Evolutionary theories of economic change identify the processes of idiosyncratic learning by individual firms and of market selection as the two main drivers of the dynamics of industries. Are such processes able to account for the statistical regularities which industrial structures and dynamics display? In this work we address this question by means of a simple multi-firm model formalizing the mechanisms of learning and selection. As such, despite its simplicity, the model is able to robustly reproduce an ensemble of empirical stylized facts, including ample heterogeneity in productivity distributions, persistent market turbulence, and fat-tailed distribution of growth rates. (AU) | |
| FAPESP's process: | 15/09760-3 - Quantitative validation of agent-based simulation models: a protocol proposal for sensitivity analysis and model parameter validation with empirical data |
| Grantee: | Marcelo de Carvalho Pereira |
| Support Opportunities: | Scholarships in Brazil - Post-Doctoral |