Quantity leadership and social inefficiency

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Quantity leadership and social inefficiency

A game of simultaneous free entry and sequential output choices is analyzed. Firms enter simultaneously in stage 1 by paying a fixed cost, and they choose output levels sequentially in subsequent stages. At the subgame-perfect equilibrium of the game, the production level of a firm is decreasing with the order of the firm in the decision-making. The firm that is the last to choose output produc...

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Free entry and social inefficiency

Previous articles have noted the possibility of socially ineficient levels of entry in markets in whichJirms must incurjixed set-up costs upon entry. This article identijies thefundamental and intuitive forces that lie behind these entry biases. Ifan entrant causes incumbentJirms to reduce output, entry is more desirable to the entrant than it is to society. There is therefore a tendency toward...

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Leadership and Social Expectations∗

We provide experimental evidence that individuals lead by example to encourage pro-social actions to meet social expectations. Giving extra in order to encourage others to give may be due to altruism, reputational considerations or to do what individuals think is expected of them. However, the third motivation has received little attention and often is a confound of the other motivations. Our e...

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Private Contracts and Social Inefficiency: Confining the Coase Theorem∗

If people are free to contract, will outcomes be efficient? We study the question through the lens of a non-cooperative model of contract negotiations, considering both compulsory and voluntary participation in negotiations. In either case, we find that all consistent equilibria of the contracting game are efficient in the case of two players. With mandatory participation, efficiency is attaina...

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Free Entry and Social Inefficiency under Co-opetition

We investigate the social desirability of free entry in the co-opetition model in which firms compete in a homogeneous product market while sharing common property resources that affect market size or consumers’ willingness to pay for products. We show that free entry leads to socially excessive or insufficient entry into the market in the case of non-commitment co-opetition, depending on the m...

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ژورنال

عنوان ژورنال: International Journal of Industrial Organization

سال: 1993

ISSN: 0167-7187

DOI: 10.1016/0167-7187(93)90005-w