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Capacité de production et structure financière: utilisations stratégiques dans les jeux d'entrée.

Abstract : The thesis focuses on the strategic choices of production capacity and financial structure in entry games. Chapter 1 is based on Judo-economics analysis (Gelman and Salop (1983)). We show that there is no over-capacity at equilibrium when the entry is anticipated by the incumbent. In a first extension, firms can collude on production level. We show that this collusion induces firms to install an over-capacity, in order to be in a better position during negotiation. In a second extension, we show that a low-cost entrant may install an over-capacity in order to signal its efficiency on financial markets. Chapter 2 characterizes the optimal capacity to be installed by an incumbent in the case of increasing demand. In this case, an over-capacity can have a double effect: to avoid or at least to delay entry, and to induce a lower capacity installed by the entrant. We show that there is a trade-off between these objectives. Chapitre 3 presents a strategic use of debt. We assume that after entry, the incumbent and the entrant can negotiate a market exit for the entrant. By being highly leveraged, the entrant can credibly commit to trigger a price war in case of negotiation failure (by the limited liability effect), thus increasing the surplus obtained in the negotiation. Chapter 4 introduces capacity constraints in a multi-firm, multi-plant and multi-market linear Cournot model. We prove existence and uniqueness of the equilibrium and characterize it.
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Submitted on : Thursday, July 29, 2010 - 10:01:00 AM
Last modification on : Wednesday, January 23, 2019 - 10:29:08 AM
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  • HAL Id : pastel-00002039, version 1



Maximilien Laye. Capacité de production et structure financière: utilisations stratégiques dans les jeux d'entrée.. Economies et finances. Ecole Polytechnique X, 2006. Français. ⟨pastel-00002039⟩



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