Journal of Evolutionary Economics

, Volume 13, Issue 4, pp 355–383

A baseline model of industry evolution

  • Sidney G. Winter
  • Yuri M. Kaniovski
  • Giovanni Dosi
Original Paper

DOI: 10.1007/s00191-003-0163-y

Cite this article as:
Winter, S.G., Kaniovski, Y.M. & Dosi, G. J. Evol. Econ. (2003) 13: 355. doi:10.1007/s00191-003-0163-y

Abstract.

The paper analyses some general dynamic properties of industries characterized by heterogeneous firms and continuing stochastic entry.

After a brief critical assessment of some significant drawbacks of recent contributions to modeling of stochastic industrial dynamics, we propose a novel analytical apparatus able to derive some generic properties of the underlying competition process combining persistent technological heterogeneity, differential growth of individual firms and turnover. The basic model, we suggest, is indeed applicable with proper modifications to a large class of evolutionary processes, well beyond industrial dynamics.

Keywords:

EvolutionCompetitionStochastic entryIndustrial dynamicsEvolutionary games

Copyright information

© Springer-Verlag Berlin/Heidelberg 2003

Authors and Affiliations

  • Sidney G. Winter
    • 1
  • Yuri M. Kaniovski
    • 2
  • Giovanni Dosi
    • 3
  1. 1.The Wharton SchoolUniversity of PennsylvaniaPhiladelphiaUSA
  2. 2.School of EconomicsFree University of Bozen . BolzanoBolzanoItaly
  3. 3.The Sant'Anna School of Advanced StudiesPisaItaly