کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099236 | 1376994 | 2012 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A statistical equilibrium model of competitive firms
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کلمات کلیدی
D21E10C16L10Return on assets - بازگشت داراییStatistical equilibrium - تعادل آماریExponential power distribution - توزیع قدرت نمایشیLaplace distribution - توزیع لاپلاسMaximum entropy principle - حداکثر اصل آنتروپیDiffusion process - روند نفوذStochastic differential equation - معادله دیفرانسیل تصادفیprofit rate - نرخ سود
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
We find that the empirical density of firm profit rates, measured as returns on assets, is markedly non-Gaussian and reasonably well described by an exponential power (or Subbotin) distribution. We start from a statistical equilibrium model that leads to a stationary Subbotin density in the presence of complex interactions among competitive heterogeneous firms. To investigate the dynamics of firm profitability, we construct a diffusion process that has the Subbotin distribution as its stationary probability density. This leads to a phenomenologically inspired interpretation of variations in the shape parameter of the Subbotin distribution, which essentially measures the competitive pressure in and across industries. Our findings have profound implications both for the previous literature on the 'persistence of profits' as well as for understanding competition as a dynamic process. Our main formal finding is that firms' idiosyncratic efforts and the tendency for competition to equalize profit rates are two sides of the same coin, and that a ratio of these two effects ultimately determines the dispersion of the equilibrium distribution.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 1, January 2012, Pages 136-149
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 1, January 2012, Pages 136-149
نویسندگان
Simone Alfarano, Mishael MilakoviÄ, Albrecht Irle, Jonas Kauschke,