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ect of incumbent pre-entry advertising on entry.
As Scott Morton (2000) explains, many studies treat incumbent pre-entry advertising as exogenous
The exogeneity hypothesis, however, is suspect: incumbent pre-entry advertising and entry both depend on unobserved expectations as to the pro??
Scott Morton thus instruments for incumbent pre-entry advertising in an equation that explains generic entry.
rst mod- els of advertising as an entry barrier employ the assumption that the incumbent can credibly commit to maintain its pre-entry advertising expenditures if entry occurs.108 A high pre-entry advertising expenditure may then imply a hostile environment for a potential entrant, in which case such advertising may deter en- try.
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