The Increase in Turbulence and Market Power
研究发现市场力量上升的行业差异部分源于市场动荡程度不同，动荡加剧加速了领先企业更替，促使市场份额向高加成率企业转移，模型预测与美欧数据一致。
Abstract In recent decades, market power has been on the rise, although its increase varies between sectors. We argue that this heterogeneity can be partially attributed to sector-specific differences in turbulence dynamics. Turbulence, a measure of firms’ churn over the revenue productivity distribution, reflects firms’ ability to sustain their productivity over time. In a dynamic oligopolistic competition model, an increase in turbulence accelerates the turnover of leaders, and triggers reallocation of market shares towards high-markup firms. The predictions of our model are consistent with empirical evidence from both the United States and Europe.