Latent submarket dynamics and industry evolution: lessons from the US laser industry
研究了美国激光产业35年间产出增长但生产者数量先增后降的现象，构建了子市场创建、消亡与融合的产业演化模型，并用所有激光生产商数据检验了进入、退出与创新的含义。
In its first 35 years, the US laser industry was characterized by steady growth in output and the number of producers, whereas subsequently the number of producers steadily declined despite continued growth in the industry’s output. A model of industry evolution that features the creation, destruction, and fusing of independent submarkets is developed to explain these two eras. Data on all laser producers are used to test various implications of the model concerning entry, exit, and innovation. The findings suggest that the emergence of an integrative submarket can fundamentally alter an industry’s market structure and the character of innovation, which is applied to explain historical developments in the evolution of various innovative industries.