The footprint of evolutionary processes of learning and selection upon the statistical properties of industrial dynamics
通过一个多企业模型，研究个体企业的学习与市场选择过程能否解释产业结构和动态中观察到的统计规律，如生产率异质性、市场波动和增长率的厚尾分布。
Evolutionary theories of economic change identify the processes of idiosyncratic learning by individual firms and of market selection as the two main drivers of the dynamics of industries. Are such processes able to account for the statistical regularities which industrial structures and dynamics display? In this work we address this question by means of a simple multi-firm model formalizing the mechanisms of learning and selection. As such, despite its simplicity, the model is able to robustly reproduce an ensemble of empirical stylized facts, including ample heterogeneity in productivity distributions, persistent market turbulence, and fat-tailed distribution of growth rates.