TAILIEUCHUNG - Technology, Knowledge and the Firm Implications for Strategy and Industrial Change PHẦN 10

Cung cấp chức năng cung cấp trưng bày một phản ứng tụt lại với một công thức kỳ vọng thích nghi. Phản ứng tụt cung cấp phản ánh sự cứng nhắc trong hành vi của công nghiệp. Một ví dụ được đưa ra trong Cox và Popken (2002), nơi nhà nước ngành công nghiệp viễn thông kế hoạch sản xuất 6-18 tháng trước. | 260 Long-term technological change and the economy Production cost at time t totcurrt totcurrt_1 rdcurr invt_1 1a costt costl exp cost2 totcurrt cost3 1b where totcurr is total knowledge capital rdcurr is current R D spending inv is investment cost is production cost cost 1 cost2 cost3 are parameters Supply function Supply exhibits a lagged response with an adaptive expectations formulation. The lagged response of supply reflects the rigidities in industrial behaviour. An example is given in Cox and Popken 2002 where they state that the telecoms industry plans production 6-18 months in advance. It depends on the profitability as indicated by the mark-up factor in the previous period t-1 and is bounded upwards by the current capital stock. suppt s3 s1 kt 1-exp s2 m suppt_1 suppt_1 2 where supp is supply s1 s2 and s3 are parameters k is capital stock see equation 4 m is the markup pricing factor see equation 6 Note one unusual feature supply is dependent on mark-up rather than sales price. As this is not an equilibrium the price does not give a direct signal of whether goods are sold at a profit or loss. This signal is given by the mark-up factor. The underlying argument is the same as in a conventional model firms sell as much as they can until marginal profits become zero. GDP growth mainly exogenous gdpt gdp -1 1 gdp1 gdp2 suppt 3 where gdp is domestic output gdp1 is an exogenous growth parameter gdp2 is a factor allowing for the macroeconomic impact of the technology sector Simulating long-run technical change 261 Capital accumulation kt kt_1 1-dep invt_1 4 where k is capital stock dep is the depreciation of capital per period inv is investment in this new technology see equation 7 Demand and price determination simultaneous Given the previously determined supply price is found using a mark-up pricing rule. Demand in the current version of the model is a linear decreasing function of price. Price and demand are determined .

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