【正文】
企業(yè) 2 無新產(chǎn)品 有新產(chǎn)品 無 4 , 4 - 5 , 10 企業(yè) 1 有 10 ,- 5 - 7 ,- 7 34 35 36 37 38 Strategic Behavior: Barriers of Entry ? Four traditional barriers to entry (passive) ? Economies of scale, product differentiation, control over scare resources, and legal factors ? Market Entry Decision (Entry Game) (aggressive) ? Present vs. Future Profits: EntryLimiting Pricing ? Main ideas: ? Motivation: shortrun Monopoly pricing practice earns “too much profits”, hence attract new entrants that will eat up the market share and drive down the prices in the long run ? EntryLimit Pricing: need to set a price below the shortrun monopoly price (Fig 111, p. 293) ? Figure 112: profit streams 39 Strategic Behavior: Barriers of Entry ? Stigler’s Open Oligopoly Model ? Objective: maximize the present value of profit ? In some cases, this may be achieved by setting a price designed to deter entry ? Optimal strategy depends on the discount rates used by the managers to determine the present value of profit ? A Comparison ? EntryLimiting Pricing: longtime horizon a lower discount rate ? Open Oligopoly Model: short planning horizon a bigger discount rate 40 Strategic Behavior: Barriers of Entry ? Price Retaliation ( 價格報復(fù)) ? In contrast with Limit Pricing that keeps the price low over a long period of time, another strategic response to the threat of entry is to retaliate by reducing prices when entry actually does occur or it appears imminent. ? When the perceive danger has diminished, prices can be increased to whatever level management views as appropriate for market conditions. 41 Strategic Behavior: Barriers of Entry ? Establishing Commitment: Capacity Expansion ( 擴大生產(chǎn)能力) ? A strategic response by established firms to prevent the new entrants from occurring would be to invest in additional capacity. ? Once this investment has been made, it bees a sunk cost and places existing firms in a position to expand their production as relatively low cost. The existence of excess capacity provides a strong signal that the established firms can (and probably will) reduce prices as a strategic response to entry in their market. 42 Strategic Behavior: Barriers o