Theories of market selection

Author:

Fontanelli Luca1234ORCID

Affiliation:

1. University of Brescia Brescia Italy

2. GREDEG‐CRNS Université Côte d'Azur Nice France

3. CMCC Foundation ‐ Euro‐Mediterranean Center on Climate Change Lecce Italy

4. RFF‐CMCC European Institute on Economics and the Environment Milan Italy

Abstract

AbstractWe provide a survey of the main mechanisms of market selection used in economics. We categorize existing theories into three broad classes—evolutionary selection, reduced form selection, and rational equilibrium—based on their adopted selection mechanisms. Each paradigm is explored in terms of underlying laws of selection, searching for elements of convergence and divergence in epistemological approaches, hypotheses, and results. The comparison of these paradigms reveals convergences in research directions, particularly in replicating empirical patterns related to firm heterogeneity and acknowledging the role of increasing returns. However, these paradigms diverge in key assumptions and results, including emphasis on model outcomes, sources of increasing returns, mechanisms generating firm heterogeneity, and assumptions regarding firm rationality. The discussion highlights that these differences stem from the epistemological foundations of paradigms. The survey contributes to a nuanced understanding of market selection mechanisms within diverse theoretical frameworks, emphasizing both areas of convergence and divergence among them.

Funder

H2020 European Research Council

Publisher

Wiley

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