Steven Klepper, Carnegie-Mellon University

 

Steven Klepper, Carnegie-Mellon University

Location to be announced

October 31, 2008 3:00 PM - 5:30 PM

(Note: Seminar Starts at 3 PM, not 4 PM.  Place TBA)

Abstract: In its first 35 years, the U.S. laser industry was characterized by steady growth in output and the number of producers, whereas in the last ten years the number of producers has declined steadily despite continued growth in the industry's output. A model of industry evolution that features the creation, destruction, and fusing of independent submarkets is developed to explain these two eras. We use data on all laser producers to test various implications of the model concerning entry, exit, and innovation. Our findings suggest that an industry's market structure can be fundamentally altered by technological developments that contribute to the emergence of a dominant submarket.

Download "Submarkets, Industry Dynamics, and the Evolution of the U.S. Laser Industry"

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