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Inefficient but Robust Public Leadership
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Description
We investigate endogenous timing in a mixed duopoly in a differentiated product market. We find that private leadership is better than public leadership from a social welfare perspective if the private firm is domestic, regardless of the degree of product differentiation. Nevertheless, the public leadership equilibrium is risk-dominant, and it is thus robust if the degree of product differentiation is high. We also find that regardless of the degree of product differentiation, the public leadership equilibrium is risk-dominant if the private firm is foreign. These results may explain the recent revival of public financial institutions in Japan.
Journal
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- Journal of Industry, Competition and Trade
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Journal of Industry, Competition and Trade 17 (4), 387-398, 2017-02-21
Springer Science and Business Media LLC
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Details 詳細情報について
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- CRID
- 1360848656303365504
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- ISSN
- 15737012
- 15661679
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- Article Type
- journal article
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- Data Source
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- Crossref
- KAKEN
- OpenAIRE