Collaborative Research: Empirical Analysis of Static and Dynamic Strategic Interactions

战略互动模型对产业组织经济学有着深远的影响。 企业进入寡头垄断市场的行为通常取决于其他竞争企业的进入行为。 许多公司的进入模型都有博弈论基础。 理解博弈论模型的实证内容（其中竞争企业的战略选择是相互依赖的）对于反垄断和监管的经济政策具有重要意义。 战略竞争模型的信息结构可以根据企业是否最大化静态预期利润或动态预期利润以及每个竞争企业是否拥有其他市场参与者无法观察到的私人信息来区分。 美国国家科学基金会资助的几个研究项目旨在研究战略互动的计量经济学模型，其中竞争的企业在有限数量的相互排斥的行动中进行选择。第一个项目研究私人信息假设下博弈论战略竞争模型静态版本的识别和估计。 开发了一种算法来计算这些模型中的整套平衡。 将这些估计和计算方法应用于股票分析师推荐市场，发现了同行影响力和多重均衡的重大影响的有力证据。 第二个项目将静态模型扩展到动态环境，竞争企业在马尔可夫完美均衡中反复互动。 分析结果表明，这些模型的结构参数可以从企业进入行为的数据中识别出来。 识别分析自然会产生灵活的非参数估计器和实用的半参数估计器，用于具有连续和离散状态变量的动态寡头垄断模型。 正在收集有关石油勘探的独特数据集，以证明这些模型的经验预测。 第三个项目允许完整的信息设置，其中所有公司和代理商通常都可以观察到对公司利润的潜在冲击。 开发了一种可行的计算算法，以方便使用多种和混合策略均衡来估计这些模型。 将该算法应用于加州高速公路采购拍卖的进入行为，可以通过投标公司收回显着的进入成本，并恢复进入行为的重要多重均衡决定因素。更广泛的影响。这项研究的结果除了产业组织领域之外，还具有潜在的重要经济应用。 这些研究项目中开发的计量经济学方法将有助于解决应用微观经济学中的问题，在这些问题中，主体的效用是相互依赖的，并且主体在战略上相互作用。 例子包括公共财政中的同伴效应和城市经济中的集聚。

Models of strategic interactions have a profound effect on the economics of industrial organization. The entry behavior of a firm into an oligopoly market typical depends on the entry behavior of other competing firms. Many firm entry models have a game theoretic foundation. Understanding the empirical contents of game theoretic models, in which the strategic choices of competing firms are mutually interdependent, has important implication on the economic policies of antitrust and regulation. The information structure of strategic competition models can be differentiated based whether firms maximize static or dynamic expected profits, and whether each competing firm possesses private information that can not be observed by other market participants. Several research projects supported by this NSF grant aim to study econometric models of strategic interactions where competing firms choose between a finite number of mutually exclusive actions. The first project studies identification and estimation of static versions of game theoretic strategic competition models under the private information assumption. An algorithm is developed to compute the entire set of equilibria in these models. Application of these estimation and computation methods to the market of stock analyst recommendations discovers strong evidence of peer influence and substantial impact of multiple equilibria. The second project extends the static models to a dynamic setting where competing firms interact repeatedly in a Markov perfect equilibrium. The results of the analysis show that the structural parameters of these models can be identified from data on the entry behavior of firms. The identification analysis naturally leads to a flexible nonparametric estimator and a practical semi-parametric estimator for dynamic oligopolistic models with both continuous and discrete state variables. A unique data set on oil exploration is being collected to demonstrate the empirical predictions of these models. The third project allows for a complete information setting where latent shocks to firm profits are commonly observable to all the firms and agents. A feasible computation algorithm is developed to facilitate estimating these models with multiple and mixed strategy equilibria. Application of this algorithm to entry behavior in California highway procurement auctions recovers significant entry costs by bidding firms and significant multiple equilibria determinants of entry behavior.Broader impacts. The results of this research have potentially important economic applications beyond those in the field of industrial organization. The econometric methods developed in these research projects will be useful for problems in applied microeconomics where the utilities of agents are interdependent and agents interact strategically. Examples include peer effects in public finance and agglomeration in urban economics.