Entry and Exit Under Demand Uncertainty
This paper presents a dynamic model of entry and exit in competitive markets with demand uncertainty and Bayesian learning. There is a unique equilibrium path characterized by a pair of simple zero-expected profit equations.
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|Date of creation:||1997|
|Date of revision:|
|Publication status:||Published in ECONOMICS LETTERS, Vol. 57, 1997, pages 227-234|
|Contact details of provider:|| Postal: Department of Economics Duke University 213 Social Sciences Building Box 90097 Durham, NC 27708-0097|
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Web page: http://econ.duke.edu/
References listed on IDEAS
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- Easley, David & Kiefer, Nicholas M, 1988. "Controlling a Stochastic Process with Unknown Parameters," Econometrica, Econometric Society, vol. 56(5), pages 1045-64, September.
- Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
- repec:oup:restud:v:60:y:1993:i:4:p:777-94 is not listed on IDEAS
- repec:oup:restud:v:61:y:1994:i:1:p:31-44 is not listed on IDEAS
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- repec:oup:restud:v:58:y:1991:i:4:p:655-75 is not listed on IDEAS
- Aghion, P. & Bolton, P. & Harris, C. & Jullien, B., 1990.
"Optimal Learning By Experimentation,"
DELTA Working Papers
90-10, DELTA (Ecole normale supérieure).
- Gort, Michael & Klepper, Steven, 1982. "Time Paths in the Diffusion of Product Innovations," Economic Journal, Royal Economic Society, vol. 92(367), pages 630-53, September.
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