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Figure 1: Basic structure of the model fect foresight nor complete information about future prospects, their decision will be

Figure 1 Basic structure of the model fect foresight nor complete information about future prospects, their decision will be

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Figure 2: Overall turnover of the emerging sector
Figure 2: Overall turnover of the emerging sector
Taking a closer look at the firms’ heterogeneity we selected some firms with a stereotypical development. In figure 4 we see what intuitively seems to be obvious, the earlier a firm enters the better it is able to increase its market share. All the same, there is no guarantee for first-movers to survive. The first-mover in the diagram dom- inates the market until it is outperformed by the two successive firms and eventually has to exit the market because of insolvency caused by an imbalanced set of endow- ments within the firm. Best practice is shown by firm 5 which is a relatively late en- trant but dominates the market until the end of the simulation run. The performance, which is the growth rate, the
Taking a closer look at the firms’ heterogeneity we selected some firms with a stereotypical development. In figure 4 we see what intuitively seems to be obvious, the earlier a firm enters the better it is able to increase its market share. All the same, there is no guarantee for first-movers to survive. The first-mover in the diagram dom- inates the market until it is outperformed by the two successive firms and eventually has to exit the market because of insolvency caused by an imbalanced set of endow- ments within the firm. Best practice is shown by firm 5 which is a relatively late en- trant but dominates the market until the end of the simulation run. The performance, which is the growth rate, the
Figure 6: Number of new firms per period Since we have only introduced the sector’s growth rate in turnover and the num- ber of exits as two of many other measurable economic indicators influencing the ac- tors perception of the real economic situation, the founding threshold keeps on rising
Figure 6: Number of new firms per period Since we have only introduced the sector’s growth rate in turnover and the num- ber of exits as two of many other measurable economic indicators influencing the ac- tors perception of the real economic situation, the founding threshold keeps on rising
Related topics:
Evolutionary EconomicsBounded RationalityBusiness and ManagementApplied Evolutionary Economics
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