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Modeling insurgent-incumbent dynamics : vector autoregressions, multivariate Markov chains, and the nature of technological competition
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Autores
Orientador(es)
Resumo(s)
The struggle between sail and steam is a long-standing theme in economic history. But this technological competition story has only partly tackled, since most studies have appreciated the rivalry between the two alternative modes of commercial sea carriage in the late 19th century while the early period has remained relatively under-analysed. This paper models the early dynamics between the two capital goods using a vector autoregression approach (VAR) and a Multivariate Markov Chain approach (MMC). We find evidence that the relationship was nonlinear, with a strong indication of complementarities and cross-technology learning effects.
Descrição
Palavras-chave
economic history technological competition sailing ships steamships vector autoregression multivariate Markov chains
Contexto Educativo
Citação
Damásio, Bruno e Sandro Mendonça (2018). "Modeling insurgent-incumbent dynamics : vector autoregressions, multivariate Markov chains, and the nature of technological competition". Instituto Superior de Economia e Gestão – REM Working paper nº 044 - 2018
Editora
ISEG - REM - Research in Economics and Mathematics