Learning, Preemption, and the Degree of Rivalry
研究企业在不确定收益的投资中，抢先竞争对手的动机如何影响学习行为和开发时机，发现随着竞争者增多，均衡学习减少、开发提前，最终趋向完全竞争结果。
We examine a model in which all firms receive common signals as to the uncertain profitability of an investment whose actual payoffs are split only among those who develop the project earliest. The benefit from preempting rivals yields an equilibrium reduction in the amount of learning and earlier development as the number or rivals increases. The set of equilibria shrinks as the number of rivals gets large, and in the limit only the competitive outcome occurs.