Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability?
利用企业层面的产量和价格数据，区分了物理生产率和收入生产率对生存的不同影响，发现年轻企业定价更低，因此以往研究低估了新企业的生产率优势及其对总体生产率增长的贡献。
We investigate the nature of selection and productivity growth in industries where we observe producer-level quantities and prices separately. We show there are important differences between revenue and physical productivity. Because physical productivity is inversely correlated with price while revenue productivity is positively correlated with price, previous work linking (revenue-based) productivity to survival confounded the separate and opposing effects of technical efficiency and demand on survival, understating the true impacts of both. Further, we find that young producers charge lower prices than incumbents. Thus the literature understates new producers' productivity advantages and entry's contribution to aggregate productivity growth.