First Mover Disadvantages with Private Information
研究随机环境下领导者拥有私有信息时，其产量选择会向跟随者透露需求信息，导致领导者缩减产量，最终在多数情况下跟随者反而获益更多。
We consider a leader-follower game with output quantities as strategies, so as to demonstrate the reduced advantages of the Stackleberg leader in a stochastic environment with private information. At the equilibrium, the strategy of the leader reveals to the follower information about the demand. In an attempt to signal low demand, the leader contracts his output. Nevertheless, unless the leader's information is infinitely noisy, the follower can always correctly infer his signal. We find a wide range of parameter values over which the follower is better off compared to the leader.