Productivity Dispersion: Facts, Theory, and Implications

Details Productivity Dispersion: Facts, Theory, and Implications Productivity Dispersion: Facts, Theory, and Implications

2008-05-19

arxiv.org/abs/0805.2792v1

Economy

Quantitative Finance

General Finance

29 pages, 12 eps figures, in AER format

Scientific paper

We study productivity dispersions across workers, firms and industrial sectors. Empirical study of the Japanese data shows that they all obey the Pareto law, and also that the Pareto index decreases with the level of aggregation. In order to explain these two stylized facts, we propose a theoretical framework built upon the basic principle of statistical physics. In this framework, we employ the concept of superstatistics which accommodates fluctuations of aggregate demand.

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