Competition with Lumpy Investment
研究投资不可分割且不可逆的市场中，企业如何在投资规模和时机上竞争，并分析不同策略和信息下的利润结果。
In markets with increasing returns to scale in investment, competition will occur over both the amount and the timing of new capital construction. This article develops a theory of competition in markets with indivisible and irreversible investments. The consequences of competition depend on the strategies and information available to the competitors. If firms act as Nash competitors with binding contracts, revenues will exceed costs for any number of firms and otherwise identical firms will earn different profits. In the absence of binding contracts, competition over the timing of investment can completely dissipate profits in a subgame perfect equilibrium with two or more firms.