【主讲】Nan Yang (National University of Singapore)
【主题】Very Simple Markov-Perfect Industry Dynamics
【时间】2015年12月23日 (周三) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】This paper develops an econometric model of oligopoly dynamics thatcan be estimated very quickly from market-level observations of demandshifters and the number of producers. We show that the model has anessentially unique symmetric Markov-perfect equilibrium and provide analgorithm that quickly calculates it. We embed this algorithm in a nestedfixed point procedure for the model's estimation and apply it to U.S. localcinema markets. Estimates from County Business Patterns data point to verytough competition for lm exhibition rights. Sunk costs make the industry'stransition following a permanent demand shock last 10 to 15 years.
