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The Learning Curve and Competition

A. Michael Spence
The Bell Journal of Economics
Vol. 12, No. 1 (Spring, 1981), pp. 49-70
Published by: RAND Corporation
DOI: 10.2307/3003508
Stable URL: http://www.jstor.org/stable/3003508
Page Count: 22
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The Learning Curve and Competition
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Abstract

This article develops a model of competitive interaction and industry evolution in the presence of a learning curve. The learning curve is a function relating the unit costs of the individual firm to accumulated volume. The responses of the model to shifts in parameters are explored through calculated examples. The paper also used a two-period model to explore differences between open- and closed-loop equilibria, and to assess the impact of learning spillover effects from one firm to the next.

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