Demand uncertainty, product differentiation, and entry timing under spatial competition
Demand uncertainty, product differentiation, and entry timing under spatial competition
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空间竞争下的需求不确定性、产品差异化和进入时机
DOI：
10.1016/j.ejor.2022.02.041
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发表时间：
2022
影响因子：
6.4
通讯作者：
and Katsumasa Nishide
中科院分区：
文献类型：
--
作者：
Takeshi Ebina;Noriaki Matsushima;and Katsumasa Nishide
本文研究了在连续时间Hotelling型空间双寡头竞争下，市场规模不确定性下的进入时机和产品定位决策。我们展示了在不确定性下，进入时机和产品位置如何相互作用。在真实的期权下的预期结果是：领导者的进入门槛随着波动率单调增加，这意味着领导者放弃了早期的垄断利润，这是不那么时间折扣。本文的主要结论如下：第一，从预期结果来看，通过波动性放弃的早期垄断利润越大，领先者的产品地位越接近边缘。第二，这种属性的领导者的决定，其产品的位置，使追随者的进入门槛非单调的波动性正相关，在以前的研究中的真实的选项文献。上述两个结果具有重要的意义：领导者更看重早期通过波动性放弃的垄断利润，而不是后期通过跟随者延迟进入而大幅增加的垄断利润。
We investigate entry timing and product position decisions with market size uncertainty under continuous-time Hotelling type spatial duopoly competition. We show how entry timing and product position interact under uncertainty. The expected result under real options holds: the leader’s entry threshold monotonically increases with volatility, which means that the leader abandons earlier period monopoly profits, which are not so time discounted. The significant findings are as follows: First, from the expected result, the larger the abandoned monopoly profits in earlier periods through volatility, the closer to the edge the leader’s product position. Second, this property of the leader’s decision regarding its product position makes the follower’s entry threshold non-monotonic with a positive correlation to volatility, in contrast to previous studies in the real options literature. The above two results have an important implication: the leader values the abandoned monopoly profits in earlier periods through volatility more than the highly increased monopoly profits in later periods through delayed entry by the follower.