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Capacity and Reaction Functions of Joint-Stock Firms

Kazuhiro Ohnishi

Volume 3, Issue 3 , March 2016, , Pages 166-173

Abstract
  This paper investigates two-stage competition with two joint-stock firms. In the first stage, each firm independently chooses a level of capacity. In the second stage, each firm independently chooses an output. The paper shows that each firm’s reaction function has a kink at its installed capacity ...  Read More