Learning, prices and firm dynamics
利用葡萄牙制造业数据，研究出口企业绩效与价格演变，发现出口经验越长，企业销量越大、价格越低，且价格波动越小；构建学习与质量选择模型解释这些现象，并模拟发现最低质量标准会降低福利。
Abstract We document new facts about the evolution of firm performance and prices in international markets and propose a theory of firm dynamics emphasizing the interaction between learning about demand and quality choice to explain the observed patterns. Using data from the Portuguese manufacturing sector, we find that: (1) firms with longer spells of activity in export destinations tend to ship larger quantities at lower prices; (2) older exporters tend to use more expensive inputs; (3) the volatility of output and input prices tends to decline with export experience; and (4) input prices and quantities tend to increase with revenue growth within firms. We develop a model of endogenous input and output quality choices in a learning environment that is able to account for these patterns. Counterfactual simulations reveal that minimum quality standards on traded goods reduce welfare by lowering entry in export markets and reallocating resources from old and large towards young and small firms.