Competition in a Network Industry: The Telephone Industry, 1894–1910
研究了AT&T如何通过掠夺性策略应对新进入者，重新成为电话行业主导企业，并指出政府监管和资本市场不完善赋予先发优势，阻止了挑战者同时进入所有市场。
The re-emergence of AT&T as the dominant firm in the telephone industry resulted from its adopting a predatory response to entrants. AT&T's strategy was effective because government regulations and capital market imperfections provided the incumbent with a first-mover advantage that prevented challengers from entering simultaneously in all markets.