This chapter reviews and integrates much of what proprietary trading firms indianapolis been learned on the processes of technological evolution, their main features, and their effects on the evolution of industries. First, we map and integrate the various pieces of evidence concerning the nature and structure of technological knowledge, the sources of novel opportunities, the dynamics through which they are tapped, and the revealed outcomes in terms of advances in production techniques and product characteristics.
Explicit recognition of the evolutionary manners through which technological change proceeds has also profound implications for the way economists theorize about and analyze a number of topics central to the discipline. One is the theory of the firm in industries where technological and organizational innovation is important. Indeed a large literature has grown up on this topic, addressing the nature of the technological and organizational capabilities which business firms embody and the ways they evolve over time. Another domain concerns the nature of competition in such industries, wherein innovation and diffusion affect growth and survival probabilities of heterogeneous firms.
The processes of knowledge accumulation and diffusion involve winners and losers, changing distributions of competitive abilities across different firms, and, with that, changing industrial structures. Both the sector-specific characteristics of technologies and their degrees of maturity over their life cycles influence the patterns of industrial organization—including size distributions, degrees of concentration, relative importance of incumbents and entrants, etc. This is the second set of topics which we address. Check if you have access through your login credentials or your institution. Any human endeavour carries some risk, but some are much riskier than others. The probability of something happening multiplied by the resulting cost or benefit if it does. The probability or threat of quantifiable damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.
Finance: The possibility that an actual return on an investment will be lower than the expected return. Securities trading: The probability of a loss or drop in value. Non-systematic risk is any risk that isn’t market-related. Also called non-market risk, extra-market risk or diversifiable risk.
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Product of the consequence and probability of a hazardous event or phenomenon. ISO Guide 73:2002 definition of risk is the ‘effect of uncertainty on objectives’. It also includes both negative and positive impacts on objectives. Many definitions of risk exist in common usage, however this definition was developed by an international committee representing over 30 countries and is based on the input of several thousand subject matter experts.
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