An Entry Game with Learning and Market Competition
2018/08/14
研討會日期 : 2018-08-14
時間 : 14:30
主講人 : Professor Junichiro Ishida
主持人 : Professor Chun-Hsien Yeh
地點 : Conference Room B110
演講者簡介 : Professor Ishida received his Ph.D. in Economics from University of Wisconsin - Madison in 2000. He is currently a Professor at the Institute of Social and Economic Research, Osaka University. His research interests are Organizational Economics, Contract Theory, Behavioral Economics, and Industrial Organization.
演講摘要 : This paper provides a dynamic game of market entry to better understand the emergence of a market pioneer and its welfare implications. Our model features market competition and private learning about the uncertain market condition, which gives rise to the first-mover and second-mover advantages in a unified framework. We identify a necessary and sufficient condition for the first-mover advantage to dominate, hence resulting in the emergence of a market pioneer. We also show that the emergence of a market pioneer is generally welfare-enhancing when potential entrants face common aggregate uncertainty, even though preemption motives induce premature entry.
