Inefficient but Robust Public Leadership

被引：10

作者：

Matsumura T. ^{[1
]}

Ogawa A. ^{[2
]}

机构：

[1] Institute of Social Science, The University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo

[2] College of Liberal Arts, International Christian University, 3-10-2, Osawa, Mitaka-shi, 181-8585, Tokyo

来源：

Journal of Industry, Competition and Trade | 2017年 / 17卷 / 4期

基金：

日本学术振兴会;

关键词：

Differentiated products; Public financial institutions; Risk dominance; Stackelberg;

D O I：

10.1007/s10842-017-0248-1

中图分类号：

学科分类号：

摘要：

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. © 2017, Springer Science+Business Media New York.

引用

页码：387 / 398

页数：11

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