Value of Waiting and Excess Entry Theorem

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dc.contributor.authorFujita, Yasunori
dc.date.accessioned2018-07-09T06:25:38Z
dc.date.available2018-07-09T06:25:38Z
dc.date.issued2016-04
dc.description.abstractBy 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.identifier.citationTheoretical Economics Letters, 2016, 6, 208-213en_US
dc.identifier.issn2162-2086
dc.identifier.urihttp://dx.doi.org/10.4236/tel.2016.62023
dc.identifier.urihttp://hdl.handle.net/123456789/1713
dc.language.isoenen_US
dc.publisherScientific Researchen_US
dc.subjectExcess Entry Theoremen_US
dc.subjectCournot Competitionen_US
dc.subjectOptimal Stopping Theoryen_US
dc.subjectGeometric Brownian Motionen_US
dc.subjectValue of Waitingen_US
dc.titleValue of Waiting and Excess Entry Theoremen_US
dc.typeArticleen_US
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