We offer a new respective to the social efficiency of entry by considering an industry with a quantity setting leader and free entry of followers. We show that whether free entry with a homogeneous product is socially excessive or insufficient depends on the identity of the leader (which is...

The paper demonstrates that, even when firms' initial moves are simultaneous, the mere opportunity to wait out the opponent's move may be as harmful as a secondmover disadvantage.

This paper surveys work on reputations in repeated games of incomplete information. We first develop the adverse-selection approach to reputations in the context of a long-lived player, who may be a “normal†type or one of a number of “commitment†types, and who faces a...