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Entry and market selection of firms: a laboratory study
[Zeitschriftenartikel]
Abstract We study how markets adjust to the entry of new firms under different conditions. Two incumbents face entry by three other firms. When firms' costs are equal, entry always leads consumer surplus and profits to their equilibrium levels. When entrants are more efficient than incumbents, entry leads co... mehr
We study how markets adjust to the entry of new firms under different conditions. Two incumbents face entry by three other firms. When firms' costs are equal, entry always leads consumer surplus and profits to their equilibrium levels. When entrants are more efficient than incumbents, entry leads consumer surplus to equilibrium. With cost asymmetries, market behavior is satisfactory from the consumers’ standpoint but does not yield adequate signals to other potential entrants. Simultaneous entry is in the short run more favorable to consumers than sequential entry. A longer incumbency phase favors consumers after entry.... weniger
Klassifikation
Management
Volkswirtschaftslehre
Freie Schlagwörter
Market selection; Imperfect competititon; Entry; Experiments; C09; C72; D43; D83; L13
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 593-612
Zeitschriftentitel
Journal of Economic Behavior & Organization, 68 (2008) 3-4
DOI
https://doi.org/10.1016/j.jebo.2008.06.012
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)