A baseline model of industry evolution

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A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility (2003, background): “ries and exits and aggregate fluctuations in a model very similar to this one. 18 As regards entries, the literature has suggested models ranging from exogenously defined purely stochastic processes (Winter et al., 1997), to models where entry is endogenous in that the number of entrants depends on ”
On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection (2011, unknown): “In the case of evolutionary models, this will also alter some of their basic policy prescriptions (Witt 2003; Moreau 2004), i.e. about the trade-offs between exploration and exploitation viz. keeping options open as wide as possible for as long as possible (not foreclosing on options until they are…”
Technical Change and Industrial Dynamics as Evolutionary Processes (2009, background): “How does one formally represent the processes of industrial evolution? Evolutionary models of industrial dynamics - and economic change more generally – rest on the representation of multiple ‘boundedly rational’ heterogeneous agents interacting with each other (Nelson and Winter, 1982; Winter, 1984”