Cheap Talk and Investment Rivalry in the Pulp and Paper Industry
研究了北美纸浆与造纸行业十一个子行业中企业放弃已宣布产能扩张的决定因素，发现竞争对手意外宣布的新项目会增加放弃概率，但仅在集中度较低的行业中成立。
Determinants of the abandonment of previously announced capacity expansions are analyzed in eleven industries within the North American pulp and paper sector. Given the investor's initial confidence, extent of precommitment of resources, and post‐announcement fresh news, abandonment's likelihood increases with unanticipated projects subsequently announced by rivals. The process suggests a continual auction with the winning projects and firms having certain systematic properties. Unexpected announcements by rivals promote abandonment only in less concentrated industries; elsewhere completion is actually encouraged. Short‐run price competition is found highly sensitive to capacity utilization, and the market's geographic scope is tested.