Is a Big Entrant a Threat to Incumbents? The Role of Demand Substitutability in Competition Among the Big and the Small
Is a Big Entrant a Threat to Incumbents? The Role of Demand Substitutability in Competition Among the Big and the Small
复制标题
大进入者会对现有企业构成威胁吗？
DOI：
10.1111/joie.12164
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Hanazono Makoto
中科院分区：
文献类型：
--
作者：
Pan Lijun;Hanazono Makoto
本文建立了一个大企业和小企业之间的市场竞争模型，研究了需求替代性如何影响大企业的进入对在位企业的影响。我们关注的是进入对大型在位企业需求的两种相反影响的相对强度：大型企业之间的直接替代效应（负）和通过小企业聚集行为变化产生的间接反馈效应（正）。如果大企业和小企业之间的替代性足够高，则间接效应会超过直接效应，大企业的均衡价格和利润会增加。我们发现，福利效应是模糊的，这需要仔细评估时，监管大公司的进入。
We establish a model of market competition between large and small firms and investigate the way in which demand substitutability affects how the entry of big firms impacts incumbents. We focus on the relative strength of two opposing effects of entry on large incumbent firms’ demand: the direct substitution effect among large firms (negative) and the indirect feedback effect through the change in small firms’ aggregated behavior (positive). If the substitutability between large and small firms is sufficiently high, the indirect effect dominates the direct effect and large incumbents’ equilibrium prices and profits increase. We show that welfare effects are ambiguous, which calls for careful assessment when regulating large firms’ entry.