A Computational Model of Industry Dynamics by Myong-Hun Chang - 9780367599812

Taylor & Francis

A Computational Model of Industry DynamicsAuthor(s): Myong-Hun Chang\nFormat: Paperback\nPublisher: Taylor & Francis Ltd, United Kingdom\nImprint: Routledge\nISBN-13: 9780367599812, 978-0367599812\nSynopsis\nThe economics literature on industry dynamics contains a wide array of empirical works identifying a set of stylized facts. There have been several attempts at constructing analytical models to explain some of these regularities. These attempts are highly stylized and limited in scope to keep the analyses tractable. A general model of industry evolution capable of generating firm and industry behaviour that can match the data is needed.\n\nThis book endeavours to explain many well-documented aspects of the evolution of industries over time. It uses an agent-based computational model in which artificial industries are created and grown to maturity in silico. While the firms in the model are assumed to have bounded rationality, they are nevertheless adaptive in the sense that t.