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Weird ties? Growth, cycles and firm dynamics in an agent-based model with financial-market imperfections

Napoletano, Mauro; Delli Gatti, Domenico; Fagiolo, Giorgio - 2005

This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent...

Persistent link: https://www.econbiz.de/10010328512

The patterns of output growth of firms and countries: New evidence on scale invariances and specificities

Castaldi, Carolina; Dosi, Giovanni - 2007

This work brings together two distinct pieces of evidence concerning, at the macro level, international distributions of incomes and their dynamics, and, at the micro level, the size distributions of firms and the properties of their growth rates. First, our empirical analysis provides a new...

Persistent link: https://www.econbiz.de/10010328462

Biased Experts, Costly Lies, and Binary Decisions

Hodler, Roland; Loertscher, Simon; Rohner, Dominic - 2010

Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In our model …, and to situations with multiple experts and uncertainty about the size of the expert's bias. …

Persistent link: https://www.econbiz.de/10011430094

Sequential Aggregation of Verifiable Information

Hahn, Volker - 2010

We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by … career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold … phenomenon, and the probability of the correct state of the world being revealed always converges to one as the group of experts …

Persistent link: https://www.econbiz.de/10011753200

Distance to frontier and appropriate business strategy

Coad, Alex - 2008

This paper is an empirical test of the hypothesis that the appropriateness of different business strategies is conditional on the firm's distance to the industry frontier. We use data on four 2-digit high-tech manufacturing industries in the US over the period 1972-1999, and apply...

Persistent link: https://www.econbiz.de/10010328409

Product innovation and growth: The case of integrated circuits

Corsini, Marco - 2008

A puzzling evidence stemming from the applied research on growth and innovation is that successful innovations do not appear to have a significant effect on sales growth rates, at odds with the expectation that successful innovators will prosper at the expenses of their less able competitors....

Persistent link: https://www.econbiz.de/10010328435

On the irreconcilability of Pareto and Gibrat laws

Bottazzi, Giulio - 2007

If business firms face a multiplicative growth process in which their growth rates are independent from their sizes, then these sizes cannot be distributed according to a stationary Pareto distribution. At the same time , the Laplace distribution of growth rates cannot be easily reconciled with...

Persistent link: https://www.econbiz.de/10010328444

A comment on the relationship between firms' size and growth rate

Bottazzi, Giulio - 2007

Since the seminal work of Pareto, many empirical analyses suggested that the distribution of firms size is characterized by an asymptotic power like behavior. At the same time, recent investigations show that the distribution of annual growth rates of business firms displays a remarkable...

Persistent link: https://www.econbiz.de/10010328498

The exponential age distribution and the Pareto firm size distribution

Coad, Alex - 2008

Recent work drawing on data for large and small firms has shown a Pareto distribution of firm size. We mix a Gibrat-type growth process among incumbents with an exponential distribution of firm's age, to obtain the empirical Pareto distribution.

Persistent link: https://www.econbiz.de/10010266667

Firm growth: a survey

Coad, Alexander - 2007

We survey the phenomenon of the growth of firms drawing on literature from economics, management, and sociology. We begin with a review of empirical 'stylised facts' before discussing theoretical contributions. Firm growth is characterized by a predominant stochastic element, making it difficult...

Persistent link: https://www.econbiz.de/10010266720

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