תקציר
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.
שפה מקורית | אנגלית |
---|---|
עמודים (מ-עד) | 24-38 |
מספר עמודים | 15 |
כתב עת | Journal of Economic Theory |
כרך | 109 |
מספר גיליון | 1 |
מזהי עצם דיגיטלי (DOIs) | |
סטטוס פרסום | פורסם - 1 מרץ 2003 |
פורסם באופן חיצוני | כן |