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Fudenberg, D. and Levine, D. (2009) Learning and equilibrium. Annual Review of Economics, 1, 385-419. doi:10.1146/annurev.economics.050708.142930

has been cited by the following article:

• TITLE: Industry dynamics in biotechnology

  AUTHORS: Fariba Hashemi

  KEYWORDS: Biotechnology; Industry Dynamics; Innovation

  JOURNAL NAME: Advances in Bioscience and Biotechnology, Vol.3 No.1, February 16, 2012

  ABSTRACT: The field of modern biotechnology is thought to have largely begun in 1980, when the United States Supreme Court ruled that a genetically-modified microorganism could be patented. The growth of the Biotechnology industry has stimulated extensive research on its determinants. One of the areas which has attracted a fair amount of attention is the distribution of firm size within an industry. What is less known however, is the dynamics of firm size. This paper considers a statistical model to describe the spatial dynamics of firm size across the biotechnology industry. It is found that firm size fluctuates around its long run stationary equilibrium according to a temporal drift and random disturbance. The empirical results illustrate that diffusion is a potential technique for the analysis of spatial dynamics of firm size.