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<p>We derive the fluctuating fitness levels of firms using datasets from various industries. These fitness metrics are then used to demonstrate the value of the Fisher/Price theorem as a framework for describing the fitness dynamics of firms within specific industries and for disentangling the effects of natural selection from environmental changes that influence firm fitness values. Additionally, this theorem helps to indirectly validate the selection equation as a simplified model of market selection by using fluctuating fitnesses derived from empirical data. Furthermore, it provides valuable insights into significant historical events that drive bursts of evolution across different industries or sectors, such as the Great Recession (2007–2009) and the COVID-19 pandemic.</p>

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The Fisher/Price theorem applied to companies across various industries: Natural selection and environment change

  • 期刊论文

  • 发表日期：

    2025年6月30日

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  • R. Donangelo,
  • H. Fort

摘要

We derive the fluctuating fitness levels of firms using datasets from various industries. These fitness metrics are then used to demonstrate the value of the Fisher/Price theorem as a framework for describing the fitness dynamics of firms within specific industries and for disentangling the effects of natural selection from environmental changes that influence firm fitness values. Additionally, this theorem helps to indirectly validate the selection equation as a simplified model of market selection by using fluctuating fitnesses derived from empirical data. Furthermore, it provides valuable insights into significant historical events that drive bursts of evolution across different industries or sectors, such as the Great Recession (2007–2009) and the COVID-19 pandemic.