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Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
13Jun
Finance

Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium

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Speaker:

Professor Xiaoji Lin
Professor of Finance
US Bancorp Professor in Financial Markets and Institutions
Carlson School of Management
University of Minnesota

Abstract:

This paper examines how technology adoption and market power jointly explain two significant macroeconomic trends in recent decades: rising markups and a declining value premium. Empirically, we show that these trends are predominantly concentrated among high-markup firms, whereas both markups and the value premium remain stable for low-markup firms. To rationalize these patterns, we develop a dynamic monopolistic competition model with endogenous technology adoption and strategic interactions. Our analysis demonstrates that the observed trends—and their crosssectional divergence between high- and low-markup firms—emerge from two critical mechanisms: (1) the rising efficiency of the aggregate technology frontier over time, and (2) firm heterogeneity in technology adoption decisions and demand elasticity. The model further highlights how these heterogeneities affect capital allocation and influence aggregate productivity growth.

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214th Congregation (Summer Congregation 2025)
7Jul-8Jul
Faculty Level | Event
214th Congregation (Summer Congregation 2025)
Grand Hall, Centennial Campus, HKU
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
About Speaker
Xiaoji Lin

Professor of Finance | US Bancorp Professor in Financial Markets and Institutions | Carlson School of Management | University of Minnesota

Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
13 June 2025
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