``cautious,'' and then subsequently engage in (differentiated) price competition over two time periods (or stages). The consumers …

-as then firms want to limit the competition in the toll stage by setting lower capacities-or when firms set capacities one … capacities. In our Stackelberg competition, the firms that act last have few if any capacity decisions to influence. Hence, they … are more concerned with the toll competition substage, and set a higher volume/capacity ratio than the public operator …

in separate stages, as then firms want to limit the toll competition by setting lower capacities; or when firms set … higher capacities. In our Stackelberg competition, the firms that act last have few if any capacity decisions to influence …. Hence, they are more concerned with the toll-competition substage, and set a higher volume/capacity ratio than sociall y …