ملخص
We develop a model of firm size, based on the hypothesis that consumers are "locked in," because of search costs, with firms they have patronized in the past. As a consequence, older firms have a larger clientele and are able to extract higher profits. The equilibrium of this model yields: (i) A downward sloping density of firm sizes. (ii) Older firms are less likely to exit than younger firms. (iii) Larger firms spend more on R&D.
اللغة الأصلية | الإنجليزيّة |
---|---|
الصفحات (من إلى) | 24-38 |
عدد الصفحات | 15 |
دورية | Journal of Economic Theory |
مستوى الصوت | 109 |
رقم الإصدار | 1 |
المعرِّفات الرقمية للأشياء | |
حالة النشر | نُشِر - 1 مارس 2003 |
منشور خارجيًا | نعم |