This paper explores some cooperative aspects of investments in uncertain, real options. Key production factors are assumed transferable. They may reflect property or user rights. Emission of pollutants and harvest of renewable resources are cases in point. Of particular interest are alternative...

This paper explores some cooperative aspects of investments in uncertain, real options. Key production factors are assumed transferable. They may reflect property or user rights. Emission of pollutants and harvest of renewable resources are cases in point. Of particular interest are alternative...

This paper addresses, both theoretically and empirically, the sectoral patterns of job creation and job destruction in order to distinguish the alternative effects of embodied vs disembodied technological change operating into a vertically connected economy. Disembodied technological change...

In this work we explore some basic properties of the size distributions of firms and of their growth processes both at aggregate and disaggregate levels. First, we investigate which properties of firm’s size distributions and growth dynamics are robust under disaggregation. Second, at a...

The paper analyses the properties and outcomes of competitive dynamics in industries characterized by heterogeneous firms and continuing stochastic entry. A formal analytical apparatus is developed, able to derive some generic properties of the underlying competition process combining persistent...

Notwithstanding the revival of attention recently displayed by the economic discipline about self-sustained processes of economic growth fueled by technological advances, an enormous gap still remains between what we historically know about technical change and its economic exploitation, on the...

This paper is motivated by two 'stylized facts' concerning the dynamics of diffusion of different technologies competing for the same market niche. a) A stable pattern of market sharing with no overwhelming dominant position is rarely observed in markets with network esternalities. Unbounded...

The paper analyzes some generic features of industrial dynamics whereby innovative change is carried, stochastically, by new entrants. Relying on the formal representation suggested in Winter et al. (1997), it studies both the asymptotic properties of such processes and their finite dynamics to...

In this paper, the authors describe a micro-founded simulation environment for decentralized trade in a financial asset. Within the philosophy of computer-simulated "artificial markets", this environment allows one to experiment in a modular fashion with (i) individual characterizations in terms...