Preemptive Investment under Uncertainty

Steg J-H (2015) Center for Mathematical Economics Working Papers; 549.
Bielefeld: Center for Mathematical Economics.

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Diskussionspapier | Veröffentlicht | Englisch
Abstract / Bemerkung
This paper provides a general characterization of subgame-perfect equilibria for a strategic timing problem, where two firms have the (real) option to invest irreversibly in some market. Profit streams are uncertain and depend on the market structure. The analysis of the problem emphasizes its dynamic nature and exploits only its economic structure. In particular, the determination of equilibria with preemption is reduced to solving a single class of constrained stopping problems. The general results are applied to typical state-space models from the literature, to point out common deficits in equilibrium arguments and to suggest alternative equilibria that are Pareto improvements.
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549
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37
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Steg J-H. Preemptive Investment under Uncertainty. Center for Mathematical Economics Working Papers. Vol 549. Bielefeld: Center for Mathematical Economics; 2015.
Steg, J. - H. (2015). Preemptive Investment under Uncertainty (Center for Mathematical Economics Working Papers, 549). Bielefeld: Center for Mathematical Economics.
Steg, J. - H. (2015). Preemptive Investment under Uncertainty. Center for Mathematical Economics Working Papers, 549, Bielefeld: Center for Mathematical Economics.
Steg, J.-H., 2015. Preemptive Investment under Uncertainty, Center for Mathematical Economics Working Papers, no.549, Bielefeld: Center for Mathematical Economics.
J.-H. Steg, Preemptive Investment under Uncertainty, Center for Mathematical Economics Working Papers, vol. 549, Bielefeld: Center for Mathematical Economics, 2015.
Steg, J.-H.: Preemptive Investment under Uncertainty. Center for Mathematical Economics Working Papers, 549. Center for Mathematical Economics, Bielefeld (2015).
Steg, Jan-Henrik. Preemptive Investment under Uncertainty. Bielefeld: Center for Mathematical Economics, 2015. Center for Mathematical Economics Working Papers. 549.
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2016-01-19T15:32:25Z

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