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Endogenous Timing And Strategic Choice
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Book Synopsis Endogenous Timing and Strategic Choice by : Victor J. Tremblay
Download or read book Endogenous Timing and Strategic Choice written by Victor J. Tremblay and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cournot establishes a Nash equilibrium to a duopoly game under output competition; Bertrand finds a different Nash equilibrium under price competition. Both treat the strategic choice variable (output versus price) and the timing of play as exogenous. We investigate Cournot-Bertrand models where one firm competes in output and the other competes in price in both static and dynamic settings. We also develop a general model where both the timing of play and the strategic choice variables are endogenous. Consistent with the conduct of Honda and Scion, we show that Cournot-Bertrand behaviour can be a Nash equilibrium outcome.
Book Synopsis Endogenous Timing in Quality Choices and Price Competition by : Luca Lambertini
Download or read book Endogenous Timing in Quality Choices and Price Competition written by Luca Lambertini and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We modify the price-setting version of the vertically differentiated duopoly model by Aoki (2003) by introducing an extended game in which firms noncooperatively choose the timing of moves at the quality stage. Our results show that there are multiple equilibria in pure strategies, whereby firms always select sequential play at the quality stage. We also investigate the mixed-strategy equilibrium, revealing that the probability of generating outcomes out of equilibrium is higher than the probability of playing one Nash equilibria in pure strategies. In the alternative case with full market coverage, we show that the quality stage is solved in dominant strategies and therefore the choice of roles becomes irrelevant as the Nash and Stackelberg solutions coincide. With full market coverage and corner solution, the results show that the game has a unique subgame perfect equilibrium in pure strategies, where the high-quality firm takes the lead in the quality stage.
Book Synopsis Endogenous Timing in Quality Investments and Price Competition by : Luca Lambertini
Download or read book Endogenous Timing in Quality Investments and Price Competition written by Luca Lambertini and published by . This book was released on 2015 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: We modify the price-setting version of the vertically differentiated duopoly model by Aoki (2003) by introducing an extended game in which firms non-cooperatively choose the timing of moves at the quality stage. Our results show that there are multiple equilibria in pure strategies, in which firms always select sequential play at the quality stage. We also investigate the mixed-strategy equilibrium, revealing that the probability of generating outcomes out of equilibrium is higher than its complement to one. In the alternative of full market coverage, we show that the quality stage is solved in dominant strategies and therefore the choice of roles becomes irrelevant as the Nash and Stackelberg solutions coincide.
Book Synopsis on the clustering of agents' decisions: herd behavior versus the endogenous timing of actions by : faruk gul and russell lundholm
Download or read book on the clustering of agents' decisions: herd behavior versus the endogenous timing of actions written by faruk gul and russell lundholm and published by . This book was released on 1993 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Time Preferences in Social Networks by : Marianna A. Klochko
Download or read book Endogenous Time Preferences in Social Networks written by Marianna A. Klochko and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Peter Ordeshook is an outstanding scholar and is addressing a very important question. As he points out on the first page of Chapter 1, social norms do exist and are adhered to, constitutions survive, people cooperate with others in some settings, but not in others. The topic of this book is very exciting and important - this is a real winner.' - Elinor Ostrom, Indiana University, US Marianna Klochko and Peter Ordeshook address an under-studied issue from rational choice theory - the common assumption that individual time preferences are exogenous and fixed. They then present empirical evidence to suggest that this is not the case, exploring a computer simulation model that allows for the evolutionary change of time preferences. This is done, moreover, in the context of social networks that are themselves endogenously determined.
Book Synopsis Endogenous Timing and Strategic Managerial Incentives in a Duopoly Game by : Michael Kopel
Download or read book Endogenous Timing and Strategic Managerial Incentives in a Duopoly Game written by Michael Kopel and published by . This book was released on 2008 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we study the nature of incentive contracts and organizational modes in a game where the firms' owners endogenously determine the order of moves at the quantity-setting stage, can choose to delegate the production decision to a manager and write appropriate incentive contracts. It is shown that in our quantity-setting model Stackelberg-type outcomes can occur. In these outcomes the Stackelberg leader is owner-managed and the follower delegates the quantity choice to a manager, who is compensated based on profits and sales. Furthermore, the follower has a second-mover advantage, i.e. achieves a higher profit than the leader.
Book Synopsis Strategic Decisions by : Vassilis Papadakis
Download or read book Strategic Decisions written by Vassilis Papadakis and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past ten years, there has been growing interest in the process of strategic decision-making among both managers and researchers. Strategic decisions are important for five main reasons: They are large-scale, risky and hard to reverse; they are a bridge between deliberate and emerging strategies; they can be a major source of organizational learning; they play an important part in the development of individual managers and they cut accross functions and academic disciplines. Strategic Decisions summarizes the current state of the art in research on strategic decision-making, with chapters prepared by leading strategy researchers. The editors also present implications for current application and proposed directions for future research.
Book Synopsis New Perspectives on Industrial Organization by : Victor J. Tremblay
Download or read book New Perspectives on Industrial Organization written by Victor J. Tremblay and published by Springer Science & Business Media. This book was released on 2012-07-20 with total page 820 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the main topics that students need to learn in a course on Industrial Organization. It reviews the classic models and important empirical evidence related to the field. However, it will differ from prior textbooks in two ways. First, this book incorporates contributions from behavioral economics and neuroeconomics, providing the reader with a richer understanding of consumer preferences and the motivation for many of the business practices we see today. The book discusses how firms exploit consumers who are prone to making mistakes and who suffer from cognitive dissonance, attention lapses, and bounded rationality, for example and will help explain why firms invest in persuasive advertising, offer 30-day free trials, offer money-back guarantees, and engage in other observed phenomena that cannot be explained by the traditional approaches to industrial organization. A second difference is that this book achieves a balance between textbooks that emphasize formal modeling and those that emphasize the history of the field, empirical evidence, case studies, and policy analysis. This text puts more emphasis on the micro-foundations (i.e., consumer and producer theory), classic game theoretic models, and recent contributions from behavioral economics that are pertinent to industrial organization. Each topic will begin with a discussion of relevant theory and models and will also include a discussion of concrete examples, empirical evidence, and evidence from case studies. This will provide students with a deeper understanding of firm and consumer behavior, of the factors that influence market structure and economic performance, and of policy issues involving imperfectly competitive markets. The book is intended to be a textbook for graduate students, MBAs and upper-level undergraduates and will use examples, graphical analysis, algebra, and simple calculus to explain important ideas and theories in industrial organization.
Book Synopsis Endogenous Timing and Trade Policies by : Hiroshi Nakamura
Download or read book Endogenous Timing and Trade Policies written by Hiroshi Nakamura and published by . This book was released on 1996 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The consequences of endogenous timing for diversification strategies of multimarket firms by : Silke Neubauer
Download or read book The consequences of endogenous timing for diversification strategies of multimarket firms written by Silke Neubauer and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of Vertically Differentiated Markets by : Luca Lambertini
Download or read book The Economics of Vertically Differentiated Markets written by Luca Lambertini and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This is a high-quality book on an important and central topic in the theory of industrial organisation. It is a cohesive and extremely well written volume which is destined to become a standard work on the subject.' - Mark Casson, University of Reading, UK This original new book offers a comprehensive and engaging perspective on the theory of vertical differentiation. It enables the reader to grasp the key concepts and effects that product quality has both on firms' behaviour and market structure, and the ways in which this relationship has evolved. With contributions from prominent figures in the field, the book investigates a number of important topics, such as the choice of the optimal product range, profit sharing, the existence of equilibrium in duopoly games, positional effects attached to status goods, international trade, collusion, advertising and the dynamics of capital accumulation for quality improvement and product innovation. Using both static and dynamic approaches, these aspects are assessed in relation to the manifold issues of regulation, competition policy and trade policy. Product differentiation and its influence on consumer behaviour and the performance of firms is a core topic in the existing literature in the fields of industrial organization, international trade and economic growth. This book will be an essential read for researchers, students and professional scholars working in these areas, especially those with an interest in antitrust regulation.
Book Synopsis The Selected Essays of John H. Dunning by : John H. Dunning
Download or read book The Selected Essays of John H. Dunning written by John H. Dunning and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: These volumes should be required reading for anyone with an interest in international business and globalisation. They add immeasurably to our understanding. Mira Wilkins, Business History Dunning is one of the most prominent researchers and thinkers in the IB field. In these books, he has set out his most celebrated writings and has provided us relatively easy access to widely scattered references in the literature. Rajat Kathuria, Global Business Review The modern academic study of the multinational enterprise started with John Dunning s pioneering study of American Investment in British Manufacturing Industry in 1958. In the early 1970s he began to publish an influential and authoritative stream of papers integrating theoretical and empirical analysis of the multinational enterprise. This fascinating volume charts the evolution of John Dunning s thinking, highlighting his attempts to develop a richer, more dynamic and historical framework for the analysis of the multinational enterprise. It makes compelling reading, and offers unique insights into the intellectual development of his well-known eclectic paradigm of international production. Mark Casson, University of Reading, UK This volume contains a selection of John Dunning s best known and highly acclaimed writings on the theory of international business activity. Spanning more than three decades, the 16 contributions trace the evolution of his thoughts and ideas as an economist, from his first article on the determinants of international production, published in 1973, to his most recent essay on relational assets, networks and global business activity, completed in 2002. Theories and Paradigms of International Business Activity gives particular prominence to the author s much renowned eclectic paradigm, which he first promulgated at a Nobel Symposium on the international allocation of economic activity in 1976. Since then, the author has written over 60 articles, pamphlets and chapters in books which have extended, refined and updated his theorizing on the interface between trade, FDI and MNE activity, in the light of the changing characteristics of the world economy and advances in international business scholarship. This, the first of two volumes of John Dunning s work, is essential reading for all students, scholars and researchers with a special interest in the reasons behind the explosive growth in post-war FDI and the globalization of business activity.
Book Synopsis Firms` Strategic Decisions: Theoretical and Empirical Findings by : Kazuhiro Ohnishi
Download or read book Firms` Strategic Decisions: Theoretical and Empirical Findings written by Kazuhiro Ohnishi and published by Bentham Science Publishers. This book was released on 2018-03-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of the series features 14 chapters covering theoretical and empirical research on strategic decision making of monopolistic and oligopolistic organizations. Topics covered in this volume include strategic behavior of different types of firms, identifying insiders in organizations, the relationship of employees’ green behavior with environmental sustainability, the relationship between firm size and export-intensities of manufacturing firms in India in a discriminating oligopoly model, and how industrial economics modeling can be particularly useful to analyze development issues in a context of food safety regulations. This volume is suitable for academics, students and professionals studying firm behavior in the fields of economics, business administration, policymaking and engineering.
Book Synopsis Games and Dynamics in Economics by : Ferenc Szidarovszky
Download or read book Games and Dynamics in Economics written by Ferenc Szidarovszky and published by Springer Nature. This book was released on 2020-04-11 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the latest advances in nonlinear dynamic modeling in economics and finance, mainly—but not solely—based on the description of strategic interaction by using concepts and methods from dynamic and evolutionary game theory. The respective chapters cover a range of theoretical issues and examples concerning how the qualitative theory of dynamical systems is used to analyze the local and global bifurcations that characterize complex behaviors observed in social systems where heterogeneous and boundedly rational economic agents interact. Nonlinear dynamical systems, represented by difference and differential and functional equations, are extensively used to simulate the behavior of time-evolving economic systems, also in the presence of time lags, discontinuities, and hysteresis phenomena. In addition, some theoretical issues and particular applications are discussed, as well. The contributions gathered here offer an up-to-date review of the latest research in this rapidly developing research area.
Book Synopsis Handbook of Computational Economics by : Leigh Tesfatsion
Download or read book Handbook of Computational Economics written by Leigh Tesfatsion and published by Elsevier. This book was released on 2006-05-15 with total page 905 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues. *Every volume contains contributions from leading researchers *Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys
Book Synopsis Lead, Follow Or Cooperate? Endogenous Timing & Cooperation in Symmetric Duopoly Games by : Marco A. Marini
Download or read book Lead, Follow Or Cooperate? Endogenous Timing & Cooperation in Symmetric Duopoly Games written by Marco A. Marini and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to extend Hamilton and Slutsky's (1990) endogenous timing game by including the possibility for players to cooperate. At an initial stage players are assumed to announce both their purpose to play early or late a given duopoly game as well as their intention to cooperate or not with their rival. The cooperation and timing formation rule is rather simple: when both players agree to cooperate and play with a given timing, they end up playing their actions coordinately and simultaneously. Otherwise, they play as singletons with the timing as prescribed by their own announcement. We check for the existence of a subgame perfect Nash equilibrium (in pure strategies) of such a cooperation-timing duopoly game. Two main results on the emergence of cooperation are provided. If players' actions in the symmetric duopoly game are strategic substitutes and there is no discount, cooperating early (as a grand coalition) is a subgame perfect equilibrium of the extended timing-cooperation game. Conversely, cooperating late (at period two) represents an equilibrium when players' strategies are strategic complements. Other equilibria are also possible. Most importantly, our model shows that, in general, the success of cooperation is affected by the endogenous timing of the game. Moreover, the slope of players' best-replies appears crucial both for the success of cooperation as well as for the players' choice of sequencing their market actions.
Book Synopsis Interval Timing and Time-Based Decision Making by : Warren H. Meck
Download or read book Interval Timing and Time-Based Decision Making written by Warren H. Meck and published by Frontiers Media SA. This book was released on 2012-05-01 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perception of time is crucial for everyday activities from the sleep–wake cycle to playing and appreciating music, verbal communication, to the determination of the value of a particular behavior. With regard to the last point, making decisions is heavily influenced by the duration of the various options, the duration of the expected delays for receiving the options, and the time constraints for making a choice. Recent advances suggest that the brain represents time in a distributed manner and reflects time as a result of temporal changes in network states and/or by the coincidence detection of the phase of different neural populations. Moreover, intrinsic oscillatory properties of neural circuits could determine timed motor responses. This Research Topic, partly an emergence of a Satellite EBBS meeting sponsored by the COST-Action TIMELY, will discuss how time in the physical world is reconstructed, distorted and modified in brain networks by emotion, learning and neuropathology. This Research Topic on Timing contains up-to-date reviews regarding the relationship between time and decision-making with respect to the underlying psychological and physiological mechanisms responsible for anticipation and evaluation processes.
