Who Thinks about the Competition? Managerial Ability and Strategic Entry in US Local Telephone Markets
研究了1996年电信法案后美国地方电话市场，发现经验丰富、教育程度高的经理倾向于进入竞争较少的市场，并构建了基于行为博弈论的结构模型，证明经理特征是管理能力的关键决定因素。
We examine US local telephone markets shortly after the Telecommunications Act of 1996. The data suggest that more experienced, better-educated managers tend to enter markets with fewer competitors. This motivates a structural econometric model based on behavioral game theory that allows heterogeneity in managers' ability to conjecture competitor behavior. We find that manager characteristics are key determinants in managerial ability. This estimate of ability predicts out-of-sample success. Also, the measured level of ability rises following a shakeout, suggesting that our behavioral assumptions may be most relevant early in the industry's life cycle.