Jangho Yang

Jangho Yang
University of Waterloo | UWaterloo · Department of Management Sciences

Ph.D.

About

17
Publications
1,780
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
96
Citations
Additional affiliations
March 2018 - June 2020
University of Oxford
Position
  • PostDoc Position
Education
August 2015 - December 2017
The New School
Field of study
  • Economics
August 2013 - May 2015
The New School
Field of study
  • Economics
March 2005 - May 2010
Seoul National University
Field of study
  • Western History

Publications

Publications (17)
Article
Economics has seen a recent rise in interest in information theory as an alternative framework to the conventional notion of equilibrium as a fixed state, such as Walrasian market-clearing general equilibrium. The information theoretic approach is predicated on the notion of statistical equilibrium (SE) that takes a distribution over all possible s...
Article
Full-text available
This paper studies the pattern of technical change at the firm level by applying and extending the Quantal Response Statistical Equilibrium model (QRSE). The model assumes that a large number of cost minimizing firms decide whether to adopt a new technology based on the potential rate of cost reduction. The firm in the model is assumed to have a li...
Article
The paper finds evidence for the existence of a statistical structure in the US input–output coefficient (A) matrices for 1963–2007 and characterizes the identified statistical regularities. For various aspects of A matrices, we find smooth and unimodal empirical distributions (EDs) with a remarkable stability in their functional form for most of t...
Article
Full-text available
Over the recent four decades, agent-based modeling and maximum entropy modeling have provided some of the most notable contributions applying concepts from complexity science to a broad range of problems in economics. In this paper, we argue that these two seemingly unrelated approaches can actually complement each other, providing a powerful conce...
Article
The paper develops an information‐theoretic model of induced technical change where payoff‐maximizing agents are exposed to a positive degree of uncertainty when adopting new technology due to unobserved cost factors. The derived equilibrium of the model comes in the form of a non‐degenerate probability distribution that defines the distance of pro...
Article
Full-text available
We investigate structural change in the PR China during a period of particularly rapid growth 1998-2014. For this, we utilize sectoral data from the World Input-Output Database and firm-level data from the Chinese Industrial Enterprise Database. Starting with correlation laws known from the literature (Fabricant’s laws), we investigate which empiri...
Article
Using a large unbalanced panel of 11,812 publicly listed firms covering 11 major developing economies between 1997–2017, we detail a slowdown in investment rates post-2008: from 2013 for Chinese incorporated firms, and 2008 for others. We test competing explanations for slowing investment rates using a Bayesian ‘mixed effects’ model consisting of t...
Preprint
Full-text available
The paper develops an information-theoretic model of Induced Technical Change where payoff-maximizing agents are exposed to a positive degree of uncertainty in adopting new technology due to unobserved cost factors. The derived equilibrium of the model comes in the form of a non-degenerate probability distribution that defines the distance of produ...
Preprint
Full-text available
Productivity levels and growth are extremely heterogeneous among firms, exhibiting a very large support and heavy tails. We propose to model these distributions using the four parameter Lévy stable distribution, a natural candidate deriving from the generalised Central Limit Theorem. We show that it is a better fit than several standard alternative...
Article
Full-text available
We propose a novel decomposition of the input-output linkage impact into linkage efficiency and linkage strength. We show that, for standard multisectoral models, countries' GDP growth rates are related to the average total backward linkages in the economy, which we call linkage strength, and to the covariance between sectoral backward linkages and...
Preprint
Full-text available
Understanding the microeconomic details of technological catch-up processes offers great potential for informing both innovation economics and development policy. We study the economic transition of the PR China from an agrarian country to a high-tech economy as one example for such a case. It is clear from past literature that rapidly rising produ...
Article
Full-text available
A coherent statistical methodology is necessary for analyzing and understanding complex economic systems characterized by large degrees of freedom with non-trivial patterns of interaction and aggregation across individual components. Such a methodology was arguably present in Classical Political Economy, but was abandoned in the late nineteenth cen...
Article
This paper considers patterns of organization in distributions of the rate of return on capital (RoC) realized by individual enterprises. It shows that large-sample cross sections of RoC across several European economies are persistently well described by the same functional form: Sharply peaked distributions with stretched-exponential tails. To ac...
Preprint
Full-text available
We investigate structural change in the PR China during a period of particularly rapid growth 1998-2014. For this, we utilize sectoral data from the World Input-Output Database and firm-level data from the Chinese Industrial Enterprise Database. Starting with correlation laws known from the literature (Fabricant's laws), we investigate which empiri...
Preprint
Productivity levels and growth are extremely heterogeneous among firms. A vast literature has developed to explain the origins of productivity shocks, their dispersion, evolution and their relationship to the business cycle. We examine in detail the distribution of labor productivity levels and growth, and observe that they exhibit heavy tails. We...

Network

Cited By

Projects

Projects (2)
Project
The aim of this project is the identification and explanation of the empirical regularities in productive structures. These regularities are relevant to the study of prices, quantities, distribution, growth, and technical change from different multisector models. From a statistical and probabilistic approach, we study the characteristics of input-coefficients matrices (flows and stocks) and the relationship that these matrices have with labor-coefficients vector and different output vectors (e.g., gross and net output and final consumption) in order to (i) identify and characterize the stylized facts in the productive structures, (ii) develop their implications for different discussion on the literature, and (iii) construct models that can explain those regularities.