Durable Goods Monopoly with Entry of New Consumers
分析一个动态垄断者以恒定单位成本生产，每期有新消费者进入市场，研究在消费者耐心足够时，子博弈完美均衡中可实现任意正平均利润，以及当周期长度趋零时，使用平稳策略的卖家无法以远高于最低支付意愿的价格销售。
This paper analyzes a model of a dynamic monopolist who produces at constant unit cost.Each period a new cohort of consumers enters the market.Each entering cohort is identical.Consumers within a cohort have different tastes for the good.My main results are: If players are sufficiently patient, any positive average profit less than the maximum feasible level can be attained in a subgame-perfect equilibrium; in the subset of subgame-perfect equilibria in which players use stationary strategies, the seller cannot make sales at prices significantly greater than the lowest willingness to pay when period length goes to zero; and the seller attains the maximum profit when commitment is feasible by charging the same (static monopoly) price in every period.