| 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 |
