Firm Life-Cycle Learning and Misallocation
利用中国企业面板数据发现资本边际收益离散度随企业年龄显著下降，尤其在前五年，提出企业生命周期学习是离散度的新解释，忽略学习会高估扭曲造成的全要素生产率损失。
Abstract Dispersion in marginal revenue products of capital (MRPK) across firms may lower aggregate productivity through misallocation. Using firm-level panel data from China, I document that MRPK dispersion decreases substantially with firm age, particularly before age five. Building on this novel fact, I propose a new interpretation of MRPK dispersion as resulting from firm life-cycle learning. To formalize this idea, I develop a quantitative model in which firms learn about their fundamental productivity as they age in a frictional market with endogenous exits. I find that omitting learning can result in considerable overestimation of TFP losses from "distortions" .