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An Overlapping-Generations Model of Firm Heterogeneity in Economic Development

Frontiers of Economics in China-Selected Publications from Chinese Universities 2017年第4期12卷 660-676页

作者： Yu Chen Haiwen Zhou Department of Economics University of Macao Macao China Department of Economics Old Dominion University Norfolk VA 23529 USA

We study overlapping-generations firm heterogeneity in economic development in an general equilibrium model in which manufacturing firms engage in oligopolistic competition. Individuals differ in their productivities in the manufacturing sector and choose to become entrepreneurs or workers. The model is surprisingly tractable. In the steady state, an increase in the entry barrier in the manufacturing sector or an increase in the percentage of income spent on the agricultural good decreases the wage rate, but the level of output in the manufacturing sector does not necessarily decrease. An increase in the degree of patience of an individual increases the steady state wage rate and the capital stock. Even with increasing returns in manufacturing and constant returns in agriculture, neither the wage rate nor the output level in the manufacturing sector may increase with population size.

关键词： firm heterogeneity overlapping-generations model oligopolistic competition career choice economic development

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Intermediate Inputs and External Economies

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2014年第2期9卷 216-239页

作者： Haiwen Zhou Department ofEconomics Old Dominion University Norfolk VA 23529 USA

Is the degree of external economies （at the industry level） higher than the degree of internal increasing returns （at the firm level）？ If so, what is the exact source of this difference？ In the general equilibrium model in which firms producing final goods choose the degree of specialization of their technologies, external economies arise from the usage of intermediate inputs and the existence of internal increasing returns. It is frequently assumed that increasing returns are absent at the firm level while present at the industry level. In this model, the existence of increasing returns at the form level is necessary for the existence of external economies at the industry level. We show that the degree of external economies increases with the level of linkage effects. However, a higher linkage effect does not always lead firms to choose more specialized technologies.

关键词： external economies internal increasing returns linkage effects choice of technology oligopolistic competition

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Audit competition in Insurance Oligopolies

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2017年第3期12卷 371-399页

作者： Nicolas Boccard Patrick Legros Economics Department Universitat de Girona Girona 17071 Spain Economics Department Northeastern University Boston MA 02115 USA

We provide a simple framework for analyzing how competition affects the choice of audit structures in an oligopolistic insurance industry. When the degree of competition increases, fraud increases but the response of the industry in terms of investment in audit quality follows a U-shaped pattern. Following increases in com- petition, the investment in audit quality will decrease if the industry is initially in a low competition regime while it will increase when the industry is in a high competition regime. We show that firms will benefit from forming a joint audit agency only when the degree of competition is intermediate; in this case, cooperation might improve to- tal welfare and we analyze the effects of contract innovation on the performance of the industry.

关键词： insurance fraud audit quality oligopolistic competition

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The Choice of Technology and Equilibrium Wage Rigidity

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2015年第2期10卷 252-271页

作者： Haiwen Zhou Department of Economics Old Dominion University Norfolk VA 23529 USA

In this general equilibrium model, firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Capital and labor are the two factors of production. The existence of efficiency wages leads to unemployment. The model is able to explain some interesting observations of the labor market. First, even though there is neither long-term labor contract nor costs of wage adjustment, wage rigidity is an equilibrium phenomenon： an increase in the exogenous job separation rate, the size of the population, the cost of exerting effort, and the probability that shirking is detected will not change the equilibrium wage rate. Second, the equilibrium wage rate increases with the level of capital stock. Third, a higher level of capital stock does not necessarily reduce the unemployment rate. That is, there is no monotonic relationship between capital accumulation and the unemployment rate.

关键词： unemployment efficiency wages wage rigidity choice of technology oligopolistic competition

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