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Innovation in a generalized timing game

Listed author(s):
  • Smirnov, Vladimir
  • Wait, Andrew

We examine innovation as a market-entry timing game with complete information and observable actions. We characterize all pure-strategy subgame perfect equilibria for the two-player symmetric model allowing both the leader's and the followers' payoff functions to be multi-peaked, non-monotonic and discontinuous. We provide sufficient conditions for when the equilibria can be Pareto ranked and when the equilibrium is unique. Economic applications discussed include process and product innovation and the timing of the sale of an asset.

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File URL: http://econ-wpseries.com/2013/201316-2.pdf
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Paper provided by University of Sydney, School of Economics in its series Working Papers with number 2013-16.

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Date of creation: Aug 2013
Date of revision: Mar 2015
Handle: RePEc:syd:wpaper:2123/9340
Contact details of provider: Postal:
Sydney, NSW 2006

Phone: 61 +2 9351 5055
Fax: 61 +2 9351 4341
Web page: http://sydney.edu.au/arts/economics
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  1. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, September.
  2. Park, Andreas & Smith, Lones, 2008. "Caller Number Five and related timing games," Theoretical Economics, Econometric Society, vol. 3(2), June.
  3. Bobtcheff, Catherine & Mariotti, Thomas, 2012. "Potential competition in preemption games," Games and Economic Behavior, Elsevier, vol. 75(1), pages 53-66.
  4. Hugo A. Hopenhayn & Francesco Squintani, 2011. "Preemption Games with Private Information," Review of Economic Studies, Oxford University Press, vol. 78(2), pages 667-692.
  5. Dutta, Prajit K & Rustichini, Aldo, 1993. "A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(4), pages 743-763, October.
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  8. Argenziano, Rossella & Schmidt-Dengler, Philipp, 2013. "Clustering in N-Player Preemption Games," Economics Discussion Papers 9009, University of Essex, Department of Economics.
  9. Jennifer F. Reinganum, 1981. "On the Diffusion of New Technology: A Game Theoretic Approach," Review of Economic Studies, Oxford University Press, vol. 48(3), pages 395-405.
  10. Simon, Leo K & Stinchcombe, Maxwell B, 1989. "Extensive Form Games in Continuous Time: Pure Strategies," Econometrica, Econometric Society, vol. 57(5), pages 1171-1214, September.
  11. Hoppe, Heidrun C. & Lehmann-Grube, Ulrich, 2005. "Innovation timing games: a general framework with applications," Journal of Economic Theory, Elsevier, vol. 121(1), pages 30-50, March.
  12. Heidrun C. Hoppe & Ulrich Lehmann-Grube, 2001. "Second-Mover Advantages in Dynamic Quality Competition," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 10(3), pages 419-433, 09.
  13. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, September.
  14. Drew Fudenberg & Jean Tirole, 1985. "Preemption and Rent Equalization in the Adoption of New Technology," Review of Economic Studies, Oxford University Press, vol. 52(3), pages 383-401.
  15. Gale, D., 1992. "Dynamic Coordiantion Games," Papers 13, Boston University - Department of Economics.
  16. Romer, Paul, 1994. "New goods, old theory, and the welfare costs of trade restrictions," Journal of Development Economics, Elsevier, vol. 43(1), pages 5-38, February.
  17. Fudenberg, Drew & Tirole, Jean, 1983. "Capital as a commitment: Strategic investment to deter mobility," Journal of Economic Theory, Elsevier, vol. 31(2), pages 227-250, December.
  18. Argenziano, Rossella & Schmidt-Dengler, Philipp, 2012. "Inefficient entry order in preemption games," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 445-460.
  19. Van Long Ngo, 2010. "A Survey Of Dynamic Games In Economics:," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., volume 1, number 7577, 04.
  20. Argenziano, Rossella & Schmidt-Dengler, Philipp, 2013. "Competition, timing of entry and welfare in a preemption game," Economics Letters, Elsevier, vol. 120(3), pages 509-512.
  21. Katz, Michael L & Shapiro, Carl, 1987. "R&D Rivalry with Licensing or Imitation," American Economic Review, American Economic Association, vol. 77(3), pages 402-420, June.
  22. Hendricks, Kenneth, 1992. "Reputations in the adoption of a new technology," International Journal of Industrial Organization, Elsevier, vol. 10(4), pages 663-677, December.
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