# 经济代写|微观经济学代写Microeconomics代考|Number of Exits and Entries

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## 经济代写|微观经济学代写Microeconomics代考|Number of Exits and Entries

Data are also available for insolvencies; however, they are generated from a different population than the number of firms in construction (appr. 75,000 firms in 2019), being from a statistic on turnover (about 110,000 in 2019). Important is the trend and it shows that insolvencies increase strongly during a downturn (Figure 14.17). If we take insolvencies as an indicator of competition, then a strong competition built up during the first upturn; insolvencies jump up in 1993, two years before the end of the boom. The consolidation process lasted 10years until 2005 , the end of the recession.

The overall level of exits is rather high. Manufacturing might serve as a benchmark for insolvencies in construction. Figure 14.18 shows that the insolvency ratio in construction per 10,000 firms always surpasses the ratio for manufacturing with the exception of 1995 (reorganization of East Germany with a heavy toll on manufacturing). In 2000, the figure is more than four times higher. The construction market functions well in the sense that firms which are not competitive leave the market in large numbers. While there are data of insolvencies, there are none on firm closures. Insolvencies as involuntary exits and closures as voluntary ones certainly show that exit barriers have little importance.

The number of start-ups in the construction sector (structural and finishing works) is given in Figure 14.19. The data refer again to a different population with approximately 300,000 firms. There are no continuous data available starting in 1991 , but in the first recession until 2005 the number of startups decreased due to a lack of market attraction.

A final group of firms of interest consists of the top nine firms in the German construction sector. The nine largest firms controlled by German majority owners are listed in Table 14.16. Not a single top-nine contractor survived the long recession from 1995 to 2005 unscathed. All firms in the group of the top nine in 2019 have grown into these top positions, and the turnover of the largest firm is substantially lower than in 1998. The turnover of Philipp Holzman was twice as large (6 billion euros, not inflation adjusted) as that of Goldbeck with 3 billion. Overall, the large contractors have become smaller; consolidation starts at a low level.

Goldbeck provides a good example of the consolidation process. Besides being the most successful German contractor over the past years, turnover grew strongly during the stagnation period and exploded during the upturn. Figure 14.20 shows turnover for Goldbeck and orders for the German structural firms, showing that the end of market stagnation provides great chances for those well prepared.

## 经济代写|微观经济学代写Microeconomics代考|Construction Goods

I do not know how often I have already repeated that construction goods with all their heterogeneity have one thing in common: They are contract goods. The only justification for this repetition lies in the fact that no other monography in construction economics uses this definition from new institutional economics. Figure 15.2 shows the development and transaction of an exchange good and Figure 15.3 the same for a contract good.

In the development, production, and sale of an exchange good we find a clear separation of the activities between the producer who controls all phases until delivery to the market and the consumer. Both join their activities at a specific moment in time to undertake the market transaction. Many authors describe these phases in detail (e.g., Kotler and

Armstrong 2017). I have left out the role of retailing. It is important but not for this analysis (Levy et al. 2018). The main characteristics of exchange goods are therefore:

• Development, design, and production of an exchange good take place before the sale.
• The producer has full and exclusive control of development, design, and production.
• The consumer is not involved before the market transaction (buying).
• The market transaction takes place at a moment in time.
• The consumer can find information about the product (experience quality) because it is mass produced.
• The consumer can test the product (search quality).
When developing, producing, and handing over a construction good, the actions of the owner and contractor overlap. The contractor is an external factor from the owner’s point of view, and from the contractor’s point of view it is just the opposite. The market transaction takes a long time with many possibilities for opportunistic behavior. The main characteristics of construction goods are:
• Development and design are the responsibility of the owner.
• Contracting (the sale) takes place before production.
• The owner and contractor exchange promises when signing the contract, i.e., the legal obligations to fulfil the contract.
• Owner and contractor cooperate during production (team production).
• The market transaction takes a long time.
• Experience qualities are very limited due to the singularity of structures and the multitude of contractors.
• When signing the contract, the owner must rely on trust qualities.
• Different from other contract goods such as haircuts, the structure has search qualities at handover.

# 微观经济学代考

## 经济代写|微观经济学代写Microeconomics代考|Number of Exits and Entries

Goldbeck 为整合过程提供了一个很好的例子。除了是过去几年最成功的德国承包商之外，营业额在停滞期增长强劲，在好转期爆发。图 14.20 显示了 Goldbeck 的营业额和德国结构性公司的订单，表明市场停滞的结束为那些准备充分的人提供了巨大的机会。

## 经济代写|微观经济学代写Microeconomics代考|Construction Goods

• 交换商品的开发、设计和生产发生在销售之前。
• 生产商对开发、设计和生产拥有完全和排他性的控制权。
• 消费者在市场交易（购买）之前不参与。
• 市场交易发生在某个时刻。
• 消费者可以找到有关产品的信息（体验质量），因为它是批量生产的。
• 消费者可以测试产品（搜索质量）。
在开发、生产和移交建筑产品时，业主和承包商的行为是重叠的。承包商在业主看来是外部因素，而在承包商看来恰恰相反。市场交易时间长，机会主义行为的可能性多。建筑货物的主要特点是：
• 开发和设计是所有者的责任。
• 承包（销售）发生在生产之前。
• 业主和承包商在签订合同时交换承诺，即履行合同的法律义务。
• 业主和承包商在生产过程中合作（团队生产）。
• 市场交易时间较长。
• 由于结构的奇异性和承包商的众多，经验质量非常有限。
• 签订合同时，业主必须依靠信任品质。
• 与理发等其他合约商品不同，该结构在交接时具有搜索属性。

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