| dc.contributor.author |
Fujita, Yasunori |
|
| dc.date.accessioned |
2018-07-09T06:25:38Z |
|
| dc.date.available |
2018-07-09T06:25:38Z |
|
| dc.date.issued |
2016-04 |
|
| dc.identifier.citation |
Theoretical Economics Letters, 2016, 6, 208-213 |
en_US |
| dc.identifier.issn |
2162-2086 |
|
| dc.identifier.uri |
http://dx.doi.org/10.4236/tel.2016.62023 |
|
| dc.identifier.uri |
http://hdl.handle.net/123456789/1713 |
|
| dc.description.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. |
en_US |
| dc.language.iso |
en |
en_US |
| dc.publisher |
Scientific Research |
en_US |
| dc.subject |
Excess Entry Theorem |
en_US |
| dc.subject |
Cournot Competition |
en_US |
| dc.subject |
Optimal Stopping Theory |
en_US |
| dc.subject |
Geometric Brownian Motion |
en_US |
| dc.subject |
Value of Waiting |
en_US |
| dc.title |
Value of Waiting and Excess Entry Theorem |
en_US |
| dc.type |
Article |
en_US |
