English, Article, Journal or magazine article edition: Dynamic inefficiency with a decreasing returns technology for firms Gianluca FEMMINIS

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Bookmark: http://trove.nla.gov.au/version/4624
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Dynamic inefficiency with a decreasing returns technology for firms
Author
  • Gianluca FEMMINIS
Physical Description
  • preprint
Notes
  • In this paper, we highlight the possibility of dynamically inefficient equilibria in a model with strictly convex production function at the firmÕs level. Decreasing returns imply the existence of some pure profit and hence of an asset market. We endogenise the number of firms by introducing a sunk cost that is to be paid upon entering into the market; since this cost is assumed to be constant, the number of firms increases over time in response out that the growth of the number of firms reduces the rate used to discount future profits, allowing for dynamic inefficiency. We also consider the presence of a constant and exogenous probability of failure affecting firms.
  • RePEc:ctl:louvre:2000011
Language
  • English
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