Learning and Capacity Expansion under Demand Uncertainty
建立了一个竞争性动态模型，研究企业在市场信息不完全且随时间改善的情况下，如何序贯进入新行业，并发现均衡进入率随时间递减且低于社会最优水平。
A competitive, dynamic model of entry into a new industry is set up and both its positive and normative aspects are studied. The main assumptions are that entry is sequential, that it occurs under imperfect information on the size of the market and that better information becomes available as time goes on. The gradual improvement in information is due to the fact that later waves of entrants are able to observe the profitability of earlier entrants. The major results reported here (under suitable restrictions) are that the equilibrium rate of entry is monotonically decreasing over time, and that—at any given point in time—it is smaller than the socially optimal one.