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متصدی کمهزینه
Milgrom and Roberts (1982) establish that a low-cost incumbent may distort its pre-entry price downward in order to signal its costs and thereby deter entry.
Bagwell and Ramey (1988) extend the Milgrom-Roberts analysis to allow that the low-cost incumbent may signal its costs by distorting its pre-entry price and/or advertising.
nd that the low-cost incumbent deters entry most pro??
Separation then requires that the low-cost incumbent choose some pair (P, A) that the high-cost incumbent would not mimic:
To ensure that separation is costly, I assume that the low-cost incumbent's monopoly selection (PM (L), AM (L)) does not satisfy (7.16).
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