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American Economic Review: Vol. 100 No. 1 (March 2010)
AER Volume. 100, Issue 1 | 
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Entry, Exit, and Investment-Specific Technical Change
Article Citation
Samaniego, Roberto M. 2010. "Entry, Exit, and Investment-Specific Technical Change."
American Economic Review,
100(1): 164-92.
DOI: 10.1257/aer.100.1.164
DOI: 10.1257/aer.100.1.164
Abstract
Using European data, this paper finds that (i) industry entry and exit rates
are positively related to industry rates of investment-specific technical change
(ISTC); and (ii) the sensitivity of industry entry and exit rates to cross-country
differences in entry costs depends on industry rates of ISTC. The paper constructs
a general equilibrium model in which the rate of ISTC varies across
industries and new investment-specific technologies can be introduced by
entrants or by incumbents. In the calibrated model, equilibrium behavior is
consistent with stylized facts (i) and (ii), provided the cost of technology adoption
is increasing in the rate of ISTC. (JEL G31, L11, O31, O33)
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Authors
Samaniego, Roberto M. (George Washington U)
JEL Classifications
G31: Capital Budgeting; Fixed Investment and Inventory Studies
L11: Production, Pricing, and Market Structure; Size Distribution of Firms
O31: Innovation and Invention: Processes and Incentives
O33: Technological Change: Choices and Consequences; Diffusion Processes
L11: Production, Pricing, and Market Structure; Size Distribution of Firms
O31: Innovation and Invention: Processes and Incentives
O33: Technological Change: Choices and Consequences; Diffusion Processes
