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1、2019/8/4,William A. Fischer,1,Lessons from Competitve Experiences,W.A. Fischer CEIBS, Shanghai February 1, 1999,2019/8/4,William A. Fischer,2,Understanding Rivalry: The Heart of the Competitive Equation,2019/8/4,William A. Fischer,3,The Nature of Economic Inquiry,?the focus of economics from a Weste
2、rn, market-oriented perspective has largely been on how well an economy allocates resources, given preferences and technologies.,Richard R. Nelson,especially where firms are the principal allocating agents,2019/8/4,William A. Fischer,4,The Nature of the Players,?economists tend to see firms as playe
3、rs in a multi-actor economic game .,Richard R. Nelson,2019/8/4,William A. Fischer,5,The Nature of Rivalry,The essence of rivalry is a striving for potentially incompatible positions ?,Frederic M. Scherer,?the jockeying for share by firms within a market.,Besanko, Dranove & Shanley,2019/8/4,William A
4、. Fischer,6,Who are these 揻irms?and what are their roles? Some fundamental assumptions,搮 an entity run by agents of the capital-owning principals with the sole objective of maximizing the profits of the latter 厰,Ronald Dore,thus, in 搈odern?market economy, we can separate management from ownership.,2
5、019/8/4,William A. Fischer,7,Other Underlying Assumptions,profits surpluses being seen as a signal of performance in a market a faith in market allocation of resources in complex situations over government allocation - because the customer is voting with their purchases the maximization of the overa
6、ll social welfare function by the accumulation of numerous personal decisions - the customer being seen as being in the best position to determine what they want,2019/8/4,William A. Fischer,8,Establishing the Arena,A market is that set of suppliers and demanders whose trading establishes the price o
7、f a good.,George Stigler & Robert Sherwin,Customers,Suppliers,Rivalry,2019/8/4,William A. Fischer,9,In such a classical market setting, it is important to consider economies of scale,The history of the industrial revolution was one of economies of scale.,2019/8/4,10,The Centrality of Scale Economies
8、,The Economics of the Industrial Revolution,Static Economies Dynamic Economies,Cost per,Unit,Rated Capacity of Facility,Cost per,Unit,Cumulative Production of,A Standardized Item,Theoretical,2019/8/4,William A. Fischer,11,In such a classical market setting, it is important to consider economies of s
9、cale,The history of the industrial revolution was one of economies of scale. In markets where consumers are price sensitive, larger firms can use their cost advantage to gain an appreciable advantage over smaller firms. In the US, it has been shown that firm size is positively correlated with profit
10、ability. However, cause and effect are not well-established. Also, larger shares for some, mean lower shares for others.,2019/8/4,William A. Fischer,12,In such a classical market setting, it is important to consider economies of scale,The history of the industrial revolution was one of economies of
11、scale. But even in such a non-complex setting, bigger was not always better. In fact, in studies in the US, mid-century, minimum optimal plant/firm size appeared to be small relative to market size single-digit.,2019/8/4,13,The Centrality of Scale Economies,The Economics of the Industrial Revolution
12、,Static Economies Dynamic Economies,Cost per,Unit,Rated Capacity of Facility,Cost per,Unit,Cumulative Production of,A Standardized Item,Theoretical & Empirical,2019/8/4,William A. Fischer,14,In such a classical market setting, it is important to consider economies of scale,But even in such a non-com
13、plex setting, bigger was not always better. One of the lessons of the Japanese manufacuring triumphs of the last three decades has been the importance of learning, through repetitive manufacturing, which is different than just being bigger or smarter.,2019/8/4,15,The Centrality of Scale Economies,Th
14、e Economics of the Industrial Revolution,Static Economies Dynamic Economies,Cost per,Unit,Rated Capacity of Facility,Cost per,Unit,Cumulative Production of,A Standardized Item,Theoretical & Empirical,2019/8/4,William A. Fischer,16,In such a classical market setting, it important to consider economie
15、s of scale,One of the lessons of the Japanese manufacuring triumphs of the last three decades has been the importance of learning, through repetitive manufacturing. Yet, learning, especially when based on repetition, comes with the risk of rigidity if the focus is too-much on consistent cost-reducti
16、on.,2019/8/4,William A. Fischer,17,The Importance of Market Maturity,empirical research on 113 US manufacturing firms by CEIBS faculty,?nearly one half of the revenues generated by the 11 most successful firms ?came from mature markets. However, 77 percent of revenues for 15 of the least successful firms came from mature markets.,Capon, Farley & Hoenig,2019/8/4,William A. Fischer,18,but, markets are changing; they are no longer cl
