Investment in Flexible Resources with Demand Correlation: an application to cloud computing∗
نویسنده
چکیده
This paper considers firms’ incentives to invest in local and flexible resources when demand is uncertain and correlated. I find that market power of the monopolist providing flexible resources leads to underinvestment in the flexible resource and overinvestment in the local resource. Moreover, investment responds to demand correlation differently under monopoly and social optimum. This implies that to analyze investment efficiency in industries with correlated demand (e.g., cloud computing and sharing economy), we need data on both costs and correlations.
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