재무제약, 약탈적 가격전략와 마코프 균형분석

Abstract

When firms have financial constraints, an incumbent with more financial resources can maintain its monopoly by predating and driving out an entrant with fewer financial resources. In an infinite horizon game, we focus on Markov strategies, in which firms’ strategies depend on only financial states. If it is profitable for an incumbent to become a monopolist by only one round of ‘fight,’ then predation can be an entry barrier in a Markov strategy equilibrium. We construct one pure-strategy Markov Equilibrium, which shows that financial constraints result in entry deterrence.