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    Value of Waiting and Excess Entry Theorem

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    Date
    2016-04
    Author
    Fujita, Yasunori
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    Abstract
    By reformulating the Cournot model by making use of the optimal stopping theory, we reconsider the excess entry theorem for a stochastic market. It is revealed that: 1) free entry in a stochastic oligopolistic market is socially excessive, owing not only to the presence of scale economies but also to the value of waiting; 2) welfare maximizing number of the entrants is larger if the market is more uncertain.
    URI
    http://dx.doi.org/10.4236/tel.2016.62023
    http://hdl.handle.net/123456789/1713
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    • Business and Economics [102]

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