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A statistical equilibrium model of competitive firms

机译：竞争企业的统计均衡模型

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We find that the empirical density of firm profit rates, measured as returns on assets, is markedly non-Gaussian and reasonably well described by an exponential power (or Subbotin) distribution. We start from a statistical equilibrium model that leads to a stationary Subbotin density in the presence of complex interactions among competitive heterogeneous firms. To investigate the dynamics of firm profitability, we construct a diffusion process that has the Subbotin distribution as its stationary probability density. This leads to a phenomenologically inspired interpretation of variations in the shape parameter of the Subbotin distribution, which essentially measures the competitive pressure in and across industries. Our findings have profound implications both for the previous literature on the 'persistence of profits' as well as for understanding competition as a dynamic process. Our main formal finding is that firms' idiosyncratic efforts and the tendency for competition to equalize profit rates are two sides of the same coin, and that a ratio of these two effects ultimately determines the dispersion of the equilibrium distribution.
机译：我们发现，以资产收益率衡量的公司利润率的经验密度明显不是高斯型的，并且可以通过指数幂（或Subbotin）分布很好地描述。我们从统计均衡模型开始，在竞争性异质公司之间存在复杂相互作用的情况下，Subbotin密度会保持稳定。为了研究企业获利能力的动态，我们构建了一个扩散过程，该扩散过程具有Subbotin分布作为其固定概率密度。这导致了从现象学角度出发对Subbotin分布形状参数变化的解释，该变化从本质上衡量了行业内和跨行业的竞争压力。我们的发现对既有的关于“利润的持久性”的文献以及对竞争是一个动态过程的理解都具有深远的意义。我们的主要正式发现是，企业的特质努力和竞争以使利润率均等的趋势是同一枚硬币的两个方面，而这两种效应之比最终决定了均衡分布的分散性。

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