We observe spatial cost dependence among medium-sized and large U.S. banks (1998Q1–2020Q4). contribute to the literature by accounting for this using an accessible dynamic econometric model. For a movement along bank's output expansion path, we calculate returns that spillover to/from bank. The noticeable impacts of 2020 COVID pandemic are on not own returns. These suggest led smallest (largest...

-----------------------------We model an oligopolistic industry where a number of firms that are asymmetrically informed about the environment compete via quantities, and we study how the information available to a firm affects its equilibrium profits. Indeed we find that if all firms have access to the same constant returns to scale technology, in any Bayesian equilibrium the information advan...

In this paper a ruodel of oligopolistic coropetiúon is presented. Firros lIse a roark-up in order lO price but the model does not rely necessarily on the assllmption of constant returns to scale. An existence theorero is proved for such an economy.

Models of endogenous growth have not been able to account for the variety of empirically observed distributional properties of the returns to innovation, in part, because of the limitations necessarily imposed on competition to cope with increasing returns to scale. Exponential growth, fat tails, Pareto–Levy distributed upper tails, and upper value outliers, are associated with increasing retur...

We investigate the dependence of the dynamic behavior of an endogenous growth model on the degree of returns to scale. We focus on a simple (but representative) growth model with publicly funded inventive activity. We show that constant returns to reproducible factors (the leading case in the endogenous growth literature) is a bifurcation point, and that it has the characteristics of a transcri...