The Learning Curve and Competition
The Bell Journal of EconomicsPublished 1 January 1981
A. Michael Spence
Citations838
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Abstract
This article develops a model of competitive interaction and industry evolution in the presence of a learning curve. The learning curve is a function relating the unit costs of the individual firm to accumulated volume. The responses of the model to shifts in parameters are explored through calculated examples. The paper also used a two-period model to explore differences between open and closed-loop equilibria, and to assess the impact of learning spillover effects from one firm to the next.
Keywords
Economics, Econometrics and Finance