Inverted-U Aggregate Investment Curves in a Dynamic Game of Advertising

We revisit the relationship between market power and firms' investment incentives in a noncooperative differential oligopoly game in which firms sell differentiated goods and invest in advertising to increase the brand equity of their respective goods. The feedback equilibrium obtains under open-loop rules, and aggregate expenditure on goodwill takes an inverted-U shape under both Cournot and Bertrand behaviour, provided product differentiation is sufficiently high. Total industry expenditure is higher under Cournot competition

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Year of publication:	2014
Authors:	Lambertini, Luca
Other Persons:	Zaccour, Georges (contributor)
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Werbung \| Advertising \| Investition \| Investment \| Dynamisches Spiel \| Dynamic game \| Spieltheorie \| Game theory

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