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- W2285383312 abstract "The distribution of pro t rates in the U.S. economy for 21,714 rms from 1962 - 2012 appears to be highly organized in a Laplace-like distribution. Pos- itive pro t rate deviations from the mode appear to be remarkably stationary over time displaying little parametric changes while negative pro t rate devi- ations introduce an asymmetry into the distribution that appears to uctuate over time. In this paper I propose a model of classically competitive rms facing informational entropy constraints in their decisions to potentially enter or exit markets based on pro t rate di erentials. The result is a three parameter logit quantal response distribution for rm entry and exit decisions. Bayesian methods are used for inference into the the distribution of entry and exit deci- sions conditional on pro t rate deviations and rm level data from Compustat is used to test these predictions. The model parameters show a uctuating asymmetry in rm exit decisions, an increase in dispersion of negative pro t rate di erentials, and a falling general rate of pro t." @default.
- W2285383312 created "2016-06-24" @default.
- W2285383312 creator A5023102991 @default.
- W2285383312 date "2015-03-01" @default.
- W2285383312 modified "2023-09-27" @default.
- W2285383312 title "A Quantal Response Model of Firm Competition" @default.
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