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Technology Change and the Rise of New Industries$
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Jeffrey L. Funk

Print publication date: 2013

Print ISBN-13: 9780804783859

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804783859.001.0001

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Competition in New Industries

Competition in New Industries

Chapter:
(p.119) 7 Competition in New Industries
Source:
Technology Change and the Rise of New Industries
Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804783859.003.0007

This chapter analyzes vertical disintegration that emerges through competition among firms. Following the emergence of a technological discontinuity in some industries, the total number of firms in an industry can quickly decline in a so-called “shakeout.” The chapter examines the factors that trigger the occurrence of a shakeout, looks at why shakeouts occur and when entry is possible after a shakeout, and explains how opportunities in a new industry change over time. It examines Klepper's theory of shakeouts and then applies it to the information technology and semiconductor sectors.

Keywords:   vertical disintegration, competition, shakeout, Klepper, information technology, semiconductor

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