摘要: Abstract This paper provides a general characterization of subgame-perfect equilibria for strategic timing problems, where two firms have the (real) option to make an irreversible investment. Profit streams are uncertain and depend on market structure. The analysis is based directly inherent economic structure model. In particular, determining with preemptive investment reduced solving single class constrained optimal stopping problems. Further tools derived analyzing Markovian state-space models. Applications typical models from literature complete commonly insufficient equilibrium arguments, show when uncertainty leads qualitatively different behavior, establish additional that Pareto improvements.
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