Market structure and the timing of technology adoption with network externalities
发现网络外部性导致消费者过早采用传统技术，对新兴技术的等待不足；若新技术由垄断者提供，问题更严重，因为等待创造的价值会被垄断者事后攫取，反而损害其自身利益。
The paper shows that in the presence of network externalities, consumers adopt conventional technologies too early; the waiting option for a newly emerging technology is not exercised enough. This problem is aggravated when the new technology is provided by a single producer with market power because any positive value created via waiting by current consumers will be ex post appropriated by the monopolist. Therefore, the monopolist's power to extract surplus operates against his own interests in this dynamic setting. The paper also shows how the producer of a new technology can partially overcome the problem of too little waiting by using licensing as a commitment device.