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Learning and Capacity Expansion in a New Market Under Uncertainty
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Resumo(s)
A competitive, dynamic model of entry into a new industry is set up and both its positive and normative properties are studied The main assumptions are that uncertainty with respect to its eventual size prevails and that later waves of entrants are able to observe how profitable earlier entrants had been. The major result reported is that the equilibrium rate of entry lags behind the optimum one.
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Contexto Educativo
Citação
Rob, Rafael, Learning and Capacity Expansion in a New Market Under Uncertainty (February, 1988). FEUNL Working Paper Series No. 80