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SUMMARY:Dr. Stephen Redding\, Princeton University
DESCRIPTION: \n\nWhat is ‘Firm Heterogeneity’ in Trade Models? The Role
  of Quality\,\nScope\, Markups\, and Cost\n\nAbstract We develop and struc
 turally estimate a model of heterogeneous\nmultiproduct firms that can be 
 used to decompose the firm-size\ndistribution into the contributions of co
 sts\, quality\, markups\, and\nproduct scope. Using Nielsen barcode data o
 n prices and sales\, we find\nthat variation in firm quality and product s
 cope explains at least\nfour fifths of the variation in firm sales. We sho
 w that the imperfect\nsubstitutability of products within firms\, and the 
 fact that larger\nfirms supply more products than smaller firms\, implies 
 that standard\nproductivity measures are not independent of demand system 
 assumptions\nand probably dramatically understate the relative productivit
 y of the\nlargest firms. Although most firms are well approximated by the\
 nmonopolistic competition benchmark of constant markups\, we find that\nth
 e largest firms that account for most of aggregate sales depart\nsubstanti
 ally from this benchmark\, and exhibit both variable markups\nand substant
 ial cannibalization effects.\n 
DTSTART:20150306T150000Z
DTEND:20150306T162000Z
LOCATION:http://www.princeton.edu/~reddings/papers/MPF_v39.pdf
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