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This paper examines the sub-game equilibrium strategies for a duopoly real option model consisting of two firms with … asymmetric demand functions. The relative strength of the firms is found to have significant impact on the firms' equilibrium …. Short bursts and recession induced overbuilding are two outcomes in the asymmetric duopoly model. The model, however …
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Recent years have seen the most pronounced turbulence that real estate markets have ever experienced. There have been wild swings in prices, a wave of foreclosures, countless failed investments, and massive overbuilding. This paper will be primarily concerned with overbuilding. Of the many...
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