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DC Field
Value
Language
dc.contributor.author
Wrzaczek, Stefan
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dc.contributor.author
Kort, Peter M.
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dc.date.accessioned
2023-03-06T12:56:46Z
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dc.date.available
2023-03-06T12:56:46Z
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dc.date.issued
2012
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dc.identifier.citation
<div class="csl-bib-body">
<div class="csl-entry">Wrzaczek, S., & Kort, P. M. (2012). Anticipation in Innovative Investment under Oligopolistic Competition. <i>Automatica</i>, <i>48</i>(11), 2812–2823. https://doi.org/10.1016/j.automatica.2012.08.007</div>
</div>
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dc.identifier.issn
0005-1098
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dc.identifier.uri
http://hdl.handle.net/20.500.12708/164690
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dc.description.abstract
The paper studies the firms' optimal investment behavior in a dynamic duopoly framework. Embodied technological progress means later generations are more productive. The resulting model is a differential game combined with a vintage capital goods structure. Since such a framework has not been analyzed before, existing concepts have to be modified.
After deriving that our solution is time consistent, our numerical analysis first shows that a technological breakthrough generates equilibrium investment behavior that admits anticipation waves, which are enhanced by competition. Second, the shape of these anticipation waves depends on the age of the underlying capital good: for younger capital goods the upward peaks are more pronounced, whereas for older ones this holds for the downward peaks. Third, we show that if a firm is able to anticipate on future technological developments, this results in a higher market share in the long run.
en
dc.relation.ispartof
Automatica
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dc.subject
Electrical and Electronic Engineering
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dc.subject
Control and Systems Engineering
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dc.subject
Maximum principle
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dc.subject
Vintage capital
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dc.subject
Embodied technological progress
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dc.subject
Differential games
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dc.subject
Optimal control theory
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dc.title
Anticipation in Innovative Investment under Oligopolistic Competition
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dc.type
Artikel
de
dc.type
Article
en
dc.description.startpage
2812
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dc.description.endpage
2823
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dc.type.category
Original Research Article
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tuw.container.volume
48
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tuw.container.issue
11
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tuw.journal.peerreviewed
true
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tuw.peerreviewed
true
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tuw.researchTopic.id
A4
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tuw.researchTopic.name
Mathematical Methods in Economics
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tuw.researchTopic.value
100
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dcterms.isPartOf.title
Automatica
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tuw.publication.orgunit
E105-04 - Forschungsbereich Variationsrechnung, Dynamische Systeme und Operations Research
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tuw.publisher.doi
10.1016/j.automatica.2012.08.007
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dc.identifier.eissn
1873-2836
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dc.description.numberOfPages
12
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wb.sci
true
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wb.sciencebranch
Mathematik, Informatik
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wb.sciencebranch
Wirtschaftswissenschaften
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wb.sciencebranch.oefos
11
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wb.sciencebranch.oefos
53
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wb.facultyfocus
Wirtschaftsmathematik und Stochastik
de
wb.facultyfocus
Mathematical Methods in Economics and Stochastics
en
wb.facultyfocus.faculty
E100
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item.fulltext
no Fulltext
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item.openairecristype
http://purl.org/coar/resource_type/c_2df8fbb1
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item.cerifentitytype
Publications
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item.openairetype
research article
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item.grantfulltext
none
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crisitem.author.dept
E105 - Institut für Stochastik und Wirtschaftsmathematik