A Structural Empirical Model Of Firm Growth, Learning, And Survival

Topics:
Growth
Tags:
Entrepreneurship,
Federal Reserve Bank Of Chicago,
Management,
Model,
Survival
Source:
Federal Reserve Bank of Chicago

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Overview: This paper presents a structural model of firm growth, learning, and survival and considers its identification and estimation. In the model, entrepreneurs have private and possibly error-ridden observations of persistent and transitory shocks to profit. It demonstrates that the model's parameters can be recovered from public observations of sales and survival, and estimates them using monthly data from new bars in Texas. It finds that entrepreneurs observe profit's persistent component without error. In this sense, their information is substantially superior to the publics.

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Format: PDF | Size: 576KB | Date: Apr 2003 | Pages: 42

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