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Non-smooth dynamics and multiple equilibria in a Cournot–Ramsey model with endogenous markups
Brito, Paulo B.; Costa, Luís F.; Dixon, Huw - In: Journal of Economic Dynamics and Control 37 (2013) 11, pp. 2287-2306
. The model produces two different regimes, monopolistic and Cournotian monopolistic competition, resulting in non …
Persistent link: https://www.econbiz.de/10011051978
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A dynamic duopoly investment game without commitment under uncertain market expansion
Boyer, Marcel; Lasserre, Pierre; Moreaux, Michel - In: International Journal of Industrial Organization 30 (2012) 6, pp. 663-681
We model capacity-building investments in a homogeneous product duopoly facing uncertain demand growth. Capacity building is achieved through the addition of production units that are durable and lumpy and whose cost is irreversible. While building their capacity over time, firms compete à la...
Persistent link: https://www.econbiz.de/10011051620
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Caveat preemptor: Coordination failure and success in a duopoly investment game
Villemeur, Etienne Billette de; Ruble, Richard; … - In: Economics Letters 118 (2013) 2, pp. 250-254
We build on Mason and Weeds’ (2010) model of duopoly investment under uncertainty by allowing high initial values of the profit shock as in Huisman and Kort (1999). Persistent first-mover advantage increases the likelihood of immediate simultaneous investment. In contrast with previous models...
Persistent link: https://www.econbiz.de/10011041593
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Irreversible Investment with Strategic Interactions
Mason, Robin; Weeds, Helen - C.E.P.R. Discussion Papers - 2001
This Paper examines irreversible investment in a project with uncertain returns, when there is an advantage to being the first to invest, and externalities to investing when others also do so. Pre-emption decreases and may even eliminate the option values created by irreversibility and...
Persistent link: https://www.econbiz.de/10005789033
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Fear of the market or fear of the competitor? : ambiguity in a real options game
Hellmann, Tobias; Thijssen, Jacco J. J. - In: Operations research 66 (2018) 6, pp. 1744-1759
Persistent link: https://www.econbiz.de/10011972267
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Real options game over the business cycle
Huang, Hsing-Hua; Chuang, Wei-Liang - In: Economic Modelling 35 (2013) C, pp. 715-721
This paper studies the impact of business cycles on firms' strategic investment decisions by developing and solving a continuous time regime-dependent real options game in an asymmetric duopoly. The value functions, roles and optimal investment timing decisions of the two firms in the expansion...
Persistent link: https://www.econbiz.de/10010719375
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Fund managers : why the best might be the worst ; on the evolutionary vigor of risk-seeking behavior
Witte, Björn-Christopher - 2012
. As a practical example, the professional competition between fund managers is considered. To explore how different … settings of competition parameters, the exclusion rate and the exclusion interval, affect individual investment behavior, an … measures on how to achieve this. -- risk preferences ; competition ; genetic programming ; fund managers ; portfolio theory …
Persistent link: https://www.econbiz.de/10009553043
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Allocation of resources in asymmetric competitions: How do the weak maintain a chance of winning?
Avrahami, Judith; Kareev, Yaakov; Todd, Peter M.; … - In: Journal of Economic Psychology 42 (2014) C, pp. 161-174
To maintain a chance of occasionally beating a stronger player in a competition waged over several fields, a weaker …
Persistent link: https://www.econbiz.de/10010870875
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Fund managers - Why the best might be the worst: On the evolutionary vigor of risk-seeking behavior
Witte, Björn-Christopher - In: Economics - The Open-Access, Open-Assessment E-Journal 6 (2012), pp. 1-29
. As a practical example, the professional competition between fund managers is considered. To explore how different … settings of competition parameters, the exclusion rate and the exclusion interval, affect individual investment behavior, an …
Persistent link: https://www.econbiz.de/10010981403
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Modelling investment and disinvestment decisions under competition, uncertainty and different market interventions
Feil, Jan-Henning; Musshoff, Oliver - In: Economic Modelling 35 (2013) C, pp. 443-452
A real options market model is developed, which derives the firms' optimal investment and disinvestment thresholds simultaneously in a competitive environment. It combines genetic algorithms and stochastic simulation, whereby vast modelling flexibility is gained. For example, different market...
Persistent link: https://www.econbiz.de/10010719400