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On flexibility in oligopoly. (English) Zbl 0900.90076
Summary: This paper demonstrates that, even when firms’ initial moves are simultaneous, the mere opportunity to wait out the opponent’s move may be as harmful as a second-mover disadvantage.

MSC:
91B38 Production theory, theory of the firm
91B26 Auctions, bargaining, bidding and selling, and other market models
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References:
[1] Asheim, Geir B., 1988, Personal communication.
[2] Brander, James A.; Spencer, Barbara J., Pre-commitment and flexibility, European economic review, 36, 1601-1626, (1992)
[3] Hamilton, Jonathan H.; Slutsky, Steven M., Endogenous timing in duopoly games: Stackelberg or Cournot equilibria, Games and economic behavior, 2, 29-46, (1990) · Zbl 0753.90074
[4] Pal, Debashis, Cournot duopoly with two production periods and cost differentials, Journal of economic theory, 55, 441-448, (1991) · Zbl 0745.90009
[5] Saloner, Garth, Cournot duopoly with two production periods, Journal of economic theory, 42, 183-187, (1987) · Zbl 0627.90009
[6] von Stackelberg, Heinrich, Marktform und gleichgewicht, (1934), Julius Springer Vienna · Zbl 1405.91003
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