Auctions with Endogenous Valuations: The Persistence of Monopoly Revisited
证明，当多单位产能依次出现时，标准垄断持续论据失效，因为早期阻止进入会影响后期成本，导致进入仅在最后阶段被阻止。垄断持续性取决于产能到达时机、规模、获取阶段长度及折现因子。
It is shown that the standard arguments for a monopoly to persist break down when many units of capacity become available sequentially. The reason is that deterring entry at one st age affects the cost of doing so in later stages. This force can be so powerful that entry is deterred only at the final stage. The persistence of monopoly or its erosion over time depends on the timi ng of arrival of capacity, the size of early versus subsequent capacity availability, the length of the capacity-acquisition stage relative to the life of the industry, and the discount factor. Copyright 1993 by American Economic Association.