【主讲】Yong Wang 助教授 (香港科技大学)
【主题】Market Structure, Factor Endowment, and Industrial Upgrading
【时间】2012年2月17日 (周五) 13：30-15：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】We develop a simple dynamic general equilibrium model to study the industrial upgrading process, where the market structure may change endogenously depending on when the first mover chooses to start operating the new technology, which is more capital-intensive and initially privately accessible and becomes publicly available one period after its initial operation. We show that the endowment structure (capital-labor ratio in the aggregate economy) plays a very important role. It determines the magnitude of the monopoly rent, therefore affects whether or not and when the new technology will be implemented. In particular, when the capital endowment is sufficiently small or sufficiently large, the equilibrium allocation always achieves Pareto efficiency, no matter whether the endogenous market structure is monopoly or perfectly competitive. When the endowment structure falls into some intermediate range, inefficiency arises: Old technology (industry) survives for too long, the industrial upgrading is delayed, and the aggregate output is depressed. We also show that there may exist multiple dynamic equilibria, which can be Pareto-ranked. In addition, a limited improvement in the initial endowment structure may sometimes delay the adoption of capital-intensive technology. Welfare-enhancing industrial policies are discussed.
