Are inefficient entrepreneurs driven out of the market?

• 成果类型: Article
• 署名作者: Beker, PF
• 署名单位: Universitat d'Alacant
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00126-1
• 发表日期: 2004
• 页码: 329-344
• 关键词: Market selection hypothesis; production under incomplete markets; Wealth accumulation; general equilibrium

摘要

This paper challenges the widespread belief that competitive markets favor entrepreneurs who operate efficient technologies. In the context of a dynamically incomplete markets model, I show that, ceteris paribus, entrepreneurs operating efficient technologies can be driven out of a competitive market by entrepreneurs operating inefficient technologies. (C) 2003 Elsevier Inc. All rights reserved.