Does Public Competition Crowd Out Private Investment? Evidence from Municipal Provision of Internet Access
研究了市政提供互联网接入服务对私人企业光纤投资的影响，发现公共投资挤出的私人投资多于其通过先发制人诱导的投资，并量化了相关福利变化。
Government infrastructure investment may crowd out investment from private firms or induce them to invest preemptively. The tension between these effects underlies the policy debate over municipal provision of internet access. I estimate demand for broadband and combine these results with a dynamic oligopoly model of private and public firms' entry and investment decisions. I simulate a ban on public entry and find that municipalities crowd out more private fiber-optic investment than they induce through preemption. I estimate that this ban decreases consumer surplus and municipal profits by $27 billion while increasing private profits by $23 billion over ten years.