Entry, exit, and imperfect competition in the long run. (Q1399551)
From MaRDI portal
scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Entry, exit, and imperfect competition in the long run. |
scientific article |
Statements
Entry, exit, and imperfect competition in the long run. (English)
0 references
30 July 2003
0 references
An infinite-horizon, stochastic model of entry and exit with sunk cost and imperfect competition is constrained. A subgame perfect Nash equilibrium for the general dynamic stochastic game is shown to exist as a limit of finite-horizon equilibria. It tends to exhibit an excessive entry and insufficient exit relative to a social optimum.
0 references
dynamic games
0 references
integer constraints
0 references
