A Dynamic Model of Predation
研究在动态环境中掠夺行为的可行性与盈利性，发现存在三种马尔可夫完美均衡，并分析不同反垄断政策的福利效应。
ABSTRACT We study the feasibility and profitability of predation in a dynamic environment, using a parsimonious infinite‐horizon, complete information setting in which an incumbent repeatedly faces potential entry. When a rival enters, the incumbent chooses whether to accommodate or predate it; the entrant then decides whether to stay or exit. We show that there always exists a Markov perfect equilibrium, which can be of three types: accommodation, monopolization, and recurrent predation. We then analyze and compare the welfare effects of different antitrust policies, accounting for the possibility that recurrent predation may be welfare improving.