This paper considers an investment timing problem in a dipole framework. The results of the seminal contribution by Fudenberg and Tirole (1985, RES) are extended by introduction of uncertainty. Three scenarios are identified. In the first scenario we have a preemption equilibrium with dispersed...

Recent empirical work suggests that old er and less efficient industries are typically more successful at securing trade protection and income support. Similarly, environmentally damaging industries often lobby effectively for less stringent environmental regulations. This paper explains the...