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STRATEGIC QUALITY CHOICE UNDER UNCERTAINTY: A REAL OPTIONS APPROACH

机译:不确定性下的战略质量选择:一种真正的选择方法

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摘要

In this paper we study the effects of demand uncertainty and imperfect competition on market entry and product quality choice. We allow for either fixed or flexible quality. Under a fixed quality choice, the follower chooses a higher quality provision. Quality is shown to generally increase with the volatility of demand. The strategic quality choice by the follower may trigger the exit of the leader. Furthermore, flexibility in the leader's quality choice can constitute a strategic disadvantage. Finally, the degree of horizontal differentiation between the supplied goods plays a pivotal role in determining the market structure in the long run.
机译:在本文中,我们研究了需求不确定性和不完全竞争对市场准入和产品质量选择的影响。我们允许固定或灵活的质量。在固定的质量选择下,跟随者选择更高质量的规定。随着需求的变化,质量通常会提高。跟随者的战略素质选择可能触发领导者退出。此外,领导者素质选择的灵活性可能构成战略劣势。最后,从长远来看,所供应商品之间的水平差异程度在决定市场结构方面起着关键作用。

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