題 目：Market Structure, Factor Endowment and Industrial Upgrading
主講人：Yong Wang博士 （香港科技大學經濟系）
時 間：6月15日(周五) 下午2:00-3:30
地 點：主樓216會議室
主講人簡介：
Yong Wang obtained his PhD in Economics from the University of Chicago in 2009, his MA in CCER at Peking University (2003), and BA at Fudan University (2000). His research interests include Economic Growth, International Trade, Political Economy, China and India Economies. His recent research mainly focuses on the macroeconomic analyses of structural change, industrial dynamics, and industrial policies in developing countries. Yong was a resident research fellow at the World Bank during the 2010-2011 academic year and he has been serving as a consultant there since 2008. His webpage: http://ihome.ust.hk/~yongwang/
內容簡介：
We develop a simple dynamic general equilibrium model to study the industrial upgrading process, where the market structure may change endogenously depending on when the first mover chooses to start operating the new technology, which is more capital-intensive and initially privately accessible and becomes available one period after its initial operation. We show that the endowment structure (capital-labor ratio in the aggregate economy) plays a very important role. It determines the magnitude of the monopoly rent, therefore affects whether or not and when the new technology will be implemented. In particular, when the capital endowment is sufficiently small or sufficiently large, the equilibrium allocation always achieves Pareto efficiency, no matter whether the endogenous market structure is monopoly or perfectly competitive. When the endowment structure falls into some intermediate range, inefficiency arises: Old technology (industry) survives for too long, the industrial upgrading is delayed, and the aggregate output is depressed. We also show that there may exist multiple dynamic equilibria, which can be Pareto-ranked. In addition, a limited improvement in the initial endowment structure may sometimes delay the adoption of capital-intensive technology. Welfare enhancing industrial policies are discussed.
