We’re Number 1: Price Wars for Market Share Leadership
研究了当企业从市场领导地位中获得主观价值时寡头垄断的动态，发现价格会在高位和偶尔的定价战之间交替，且市场份额分布通常呈多峰形态，存在稳定市场领导者。
I examine the dynamics of oligopolies when firms derive subjective value from market leadership. In equilibrium, prices alternate in tandem between high levels and occasional price wars, which take place when market leadership is at stake. The stationary distribution of market shares is typically multimodal; that is, much of the time, there is a stable market leader. Even though shareholders do not value market leadership per se, a corporate culture that values market leadership may increase shareholder value. The online appendix is available at https://doi.org/10.1287/mnsc.2017.2725 . This paper was accepted by Bruno Cassiman, business strategy.