This paper explores an equilibrium model for industry entry dynamics and technological change. We focus on the share valuation of firms in the transition as technology changes, and whether or not share prices are always increasing when technology improves. We find that there can be a U-shaped...

The paper examines incumbents’ incentives to share information in the presence of entry threat when incumbents face uncertainty about their cost functions. Similar to the experimentation and learning literature, firms in this model can learn more about their costs through output production...

In this paper we focus on the role of expulsion by a collective to explain the agricultural performance in China during the post-1958 period. We model the collective as having access to a costly and imperfect monitoring technology whereby it can punish members if caught shirking either through...