The Decline of Dominant Firms, 1905-1929
用动态限制定价理论解释1905-1929年间美国制造业42家主导企业市场份额下降与利润率的关系，发现企业通过逐步牺牲市场份额来最大化财富，且进入壁垒越高，利润越高、份额下降越慢。
The theory of dynamic limit pricing implies that a firm maximizes its wealth by gradually sacrificing its dominant market share. We extend the theory by simulation methods to show that higher structural entry barriers generally result in both higher profits and a slower sacrifice of market share. The model is applied to 42 once-dominant firms in U. S. manufacturing to explain jointly the declines of their market shares and the profit rates earned during 1905–1929. The statistical results agree substantially with the hypothesis that these firms behaved consistently with maximizing their wealth through dynamic limit pricing.