Wait, Andrew; Smirnov, Vladimir - In: Economics Bulletin 12 (2004) 4, pp. 1-7
We explore an investment game where industry sunk costs provide anincentive for a firm to be a follower into the market as opposedto a leader. For some parameter values, every firm could have adominant strategy to wait, even though immediate entry is sociallyoptimal - this is a like prisoners'...