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Sequential Location among Firms with Foresight
Abstract
Existing theory poorly describes the product diversity in a modern market economy largely because such theory is founded on an inadequate concept of equilibrium. Standard analysis regards decision makers as naive in their anticipations of the response of rivals to their decisions and neglects the substantial costs of relocating in the product characteristic space. In this paper, we construct an equilibrium model of firms in which each firm locates in sequence with correct expectations of the way its decisions influence the decisions of firms yet to locate. The nature of the equilibrium is explored in a series of familiar examples taken from the literature.
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Citations
Cited by
(1982) · American Economic Review · Cited by 1,353
Chapter 17 Empirical studies of industries with market power
Bresnahan, T. F. (1989) · Handbook of Industrial Organization · doi:10.1016/s1573-448x(89)02005-4 · Cited by 1,271
The Role of Environmental Dynamics in Building a First Mover Advantage Theory
Suarez, F. F., & Lanzolla, G. (2007) · Academy of Management Review · doi:10.5465/amr.2007.24349587 · Cited by 438
Bohlmann, J. D., Golder, P. N., & Mitra, D. (2002) · Management Science · doi:10.1287/mnsc.48.9.1175.175 · Cited by 180
EL COSTO DE COORDINAR: NÚMERO DE CANDIDATOS PRESIDENCIALES EN AMÉRICA LATINA 1993-2010
LUJÁN, D. (2017) · Revista de ciencia política (Santiago) · doi:10.4067/s0718-090x2017000100002 · Cited by 7
Metadata
- Authors
- Prescott, E. C., & Visscher, M.
- Venue
- The Bell Journal of Economics
- Publisher
- JSTOR
- Published
- 1977
- Volume
- 8
- Issue
- 2
- Pages
- 378
- ISSN
- 0361-915X (ISSN-L)
- OpenAlex
- W1605987851
- Cited by
- 518
- References
- 0
- FWCI
- 19.07
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Sequential Location among Firms with Foresight. https://app.cochat.ai/papers/10.2307/3003293
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- Prescott, E. C., & Visscher, M. (1977). Sequential Location among Firms with Foresight. The Bell Journal of Economics. https://doi.org/10.2307/3003293
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
