This paper estimates quality and cost innovations in the early automobile, personal computer, rigid disk drive, computer monitor, and computer printer industries using industry-level data on firm numbers, price, quantity, and quality and an equilibrium model of industry evolution. The results...

Thomas E Borcherding passed away on February 12, 2014, of congestive heart failure. He was 74. He is survived by his wife, Rhoda, and his sons Matthew and Benjamin. He made important, lasting contributions to the discipline of economics, particularly to the fields of public choice and law and...

We introduce a computational model of the evolution of a value-maximizing research-based pharmaceutical firm and parameterize it using estimates of R&D costs, profit distributions, and candidate attrition rates. We use the model to estimate how the probability of surviving and covering the costs...