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Stackelberg Independence*
The Journal of Industrial Economics ( IF 1.054 ) Pub Date : 2020-07-17 , DOI: 10.1111/joie.12244
Toomas Hinnosaar 1
Affiliation  

The standard model of sequential capacity choices is the Stackelberg quantity leadership model with linear demand. I show that under the standard assumptions, leaders’ actions are informative about market conditions and independent of leaders’ beliefs about the arrivals of followers. However, this Stackelberg independence property relies on all standard assumptions’ being satisfied. It fails to hold whenever the demand function is non‐linear, marginal cost is not constant, goods are differentiated, firms are non‐identical, or there are any externalities. I show that small deviations from the linear demand assumption may make the leaders’ choices completely uninformative.

中文翻译:

斯塔克尔伯格独立*

顺序产能选择的标准模型是具有线性需求的Stackelberg数量领导模型。我表明,在标准假设下,领导者的行为可以提供有关市场状况的信息,并且与领导者对追随者的到来的信念无关。但是,此Stackelberg独立性属性取决于是否满足所有标准假设。每当需求函数是非线性的,边际成本不是恒定的,商品有差异的,企业是不相同的或存在任何外部性时,它就无法成立。我表明,与线性需求假设的微小偏差可能会使领导者的选择完全无根据。
更新日期:2020-07-17
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