Price Competition, Business Hours and Shopping Time Flexibility
分析差异化零售行业中商店在营业时间和价格上的两阶段竞争，探讨消费者购物时间灵活性（双向、向前或向后调整）的影响，发现更长营业时间导致更高定价，且营业时间差异化缓和价格竞争。
We analyze differentiated retail industries where shops engage in two-stage competition with respect to opening hours and prices. We explore the effects of consumers' shopping time flexibility by comparing bi-directional consumers with forward- or backward-oriented consumers, who can either postpone or advance their shopping, but not both. We demonstrate that retailers with longer opening hours charge higher prices and that opening hour differentiation softens price competition. We calculate both symmetric and asymmetric subgame perfect equilibria in closing hours and demonstrate how the equilibrium configurations depend on the cost increases associated with extended business hours, as well as the relative densities of day and night shoppers.