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Excess Capacity, Scale of Entry, and Entry Deterrence Building excess capacity can deter entry. Potential entrants know that the price can be driven down to near zero if they entered, and the incumbent firm began a price war. The building of extra capacity is an action in a sequential game, often with the intent of forestalling entry. This is called a precommitment game. Sorting Rules Brand loyalty to incumbents Efficient rationing Random rationing Inverse intensity rationing Theory of Contestable Markets The theory of contestable markets holds that, with no barriers to entry, even a monopolist must be aware that charging higher prices will encourage entry. Hence, a contestable market will tend to have zero economic profits and competitive prices. Potential entry, rather than number of firms matters most Simultaneous Games A sealed bid auction is a simultaneous game. A dominant strategy is the best decision, no matter what anyone else does. It is an action (strategy) that is better in each state of the world. When no Nash equilibrium exists, it is useful to hide ones strategy by randomly changing strategies. This is a mixed Nash equilibrium strategy. Nash Equilibrium When all players make their best reply responses (so changing their choices cannot improve their position) then the game is in a Nash Equilibrium. Since game trees have several branches, we can examine the concept of equilibrium in each part of the tree, called a subgame. Escape From Prisoners Dilemma: Repeated Games If the games are repeated, there is greater expectation that firms will achieve the cooperative solution. Each firm shows by its behavior each period that it wants to cooperate. Firms that expand production show that they do not want to cooperate. Slide * 1 2 3 4 23 6 7 8 26 9 10 11 12 13 14 15 16 17 18 ?2002 South-Western Publishing Greater attention in business is being given to tactics and strategy to achieve competitive advantage. This chapter predicts r