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Industry Structure and Cost-Reducing Investment

M. Thérèse Flaherty
Econometrica
Vol. 48, No. 5 (Jul., 1980), pp. 1187-1209
Published by: The Econometric Society
DOI: 10.2307/1912178
Stable URL: http://www.jstor.org/stable/1912178
Page Count: 23
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Industry Structure and Cost-Reducing Investment
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Abstract

A dynamic noncooperative game in which firms choose output and cost-reducing investment sequences is developed. The sequences exhibit several properties of manufacturing industries. Several steady states exist. Under some reasonable conditions only industry structures in which firms have different market shares can be locally stable steady states. So the model presents one explanation of the source of differences among firms in homogeneous good oligopolies.

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