Investment in oligopoly under uncertainty: The accordion effect

被引：34

作者：

Bouis, Romain ^{[2
]}

Huisman, Kuno J. M. ^{[1
,3
]}

Kort, Peter M. ^{[1
,4
]}

机构：

[1] Tilburg Univ, CentER, Dept Econometr & Operat Res, NL-5000 LE Tilburg, Netherlands

[2] Univ Paris 09, SDFi, F-75775 Paris 16, France

[3] Ctr Quantitat Methods CQM BV, NL-5600 AK Eindhoven, Netherlands

[4] Univ Antwerp, Dept Econ, B-2000 Antwerp 1, Belgium

来源：

INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION | 2009年 / 27卷 / 02期

关键词：

Investment under uncertainty; Real Options; Competition; REAL OPTIONS; EQUILIBRIUM;

D O I：

10.1016/j.ijindorg.2008.10.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies investments in new markets where more than two (anticipated) identical competitors are present. In case of three firms an accordion effect is detected: an exogenous demand shock results in a change of the wedge between investment thresholds of the first and second investor that is qualitatively different from the change of the wedge between the second and third investment threshold. Furthermore, it turns out that in the three-firm case the investment timing of the first investor lies in between the one and the two-firm case. These results are numerically extended to the n-firm case. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：320 / 331

页数：12

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