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We study how financial intermediation affects market entry when an incumbent monopolist enters into non-public, short-term
contracts for outside funds. Financial intermediation serves as a commitment device to avoid costly signalling, but at the
same time leads to strategic experimentation by the bank. Without public commitment to the financial contract, signal-jamming affects the bank's strategic experiment. Unlike the previous literature
on signalling and signal-jamming in entry deterrence in which entry is unaffected or its change indeterminate, the altered
strategic experiment has the effect of increasing the amount of entry to the market.
Received: 19 January 2004, Accepted: 18 May 2005
JEL Classification:
C73, D8, L1
We thank Markus Daniel, Spiros Bougheas, James Peck, Tony Creane, two anonymous referees, the associate editor and seminar
participants at the Wissenschaftszentrum Berlin, Emory, Ohio State, and Royal Holloway Universities and the Universities of
Wisconsin, Nottingham and East Anglia, as well as Matt Jackson for editorial assistance. 相似文献
33.
ABSTRACTIn this article, we argue that there is a need to theorize the relationship between entrepreneurship and the political beyond the currently dominant neo-liberal and emancipatory narrative by turning to an onto-political conception of entrepreneurship based on the processes of entrepreneurial experimentation. In entrepreneurship studies, the relevance and the potential of experimentation for shaping new organizational realities has only been explored marginally. Through re-reading the thinking on ‘experimental systems’ by the science historian Hans-Jörg Rheinberger and connecting it to Annemarie Mol’s notion of ‘ontological politics’, we develop a conceptual framework for entrepreneurial experimentation which we document with the illustration of an art enterprise. The framework that we propose focuses on the interwoven embodied, material and processual dynamics of entrepreneurial experimentation and reframes entrepreneurial world-making as a speculative process driven by material reconfigurations and bodily connections. As a consequence, we argue that this model is able to emphasize the intricate political dimension inscribed in processes of entrepreneurial experimentation through their onto-political force of reconfiguring systems of ‘self-others-things’. Furthermore, the model highlights that this capacity of ‘world-making’ cannot be realized without articulating the tensions and resistances that entrepreneurial endeavours often need to navigate and negotiate while reconfiguring and challenging dominant socio-material orders. 相似文献
34.
Domenico Dentoni Stefano Pascucci Kim Poldner William B. Gartner 《Journal of Business Venturing》2018,33(5):603-622
This study investigates how members in community-based enterprises (CBEs) engage in processes of co-constructing their collective prosocial identities. Based on an inductive analysis of 27 organizations that were formed explicitly as communities and sought to build alternative forms of production and consumption through innovative ways to pool and recombine resources, we found that all of the CBEs engaged in distributed experimentation that lead to epiphany sense-making. These two approaches triggered and enacted collective processes of shifts in identity or identity persistence. We advance a processual model that identifies approaches for how members of CBEs either embrace epiphanies in identity shifts or limit and react to epiphanies in identity persistence. 相似文献
35.
区域创新政策在发挥区域创新优势和推动区域经济发展方面具有重要意义,也是实现建设创新型国家战略目标的重要工具。由于不同的区域之间在地理环境、资源禀赋以及经济发展水平方面存在差异,因此并没有一个普适性的区域创新政策模式适用于所有的区域。在制定区域创新政策时需要立足于区域实际情况,遵循差异化原则。基于政策试验背景对我国实行差异化区域创新政策的合理性和必要性进行探讨,并提出对策建议,为开展区域创新活动提供一定参考。 相似文献
36.
This paper analyses a two-player stopping game with multiarmed bandits in which each player chooses between learning about the quality of her private risky arm and competing for the use of a single shared safe arm. The qualities of the players’ risky arms are independent. A player whose risky arm produces a success no longer competes for the safe arm. We assume that a player observes her opponent’s actions but not his realised payoffs. She is therefore never certain whether her opponent is still competing for the safe arm. When the players’ prior probabilities of success are sufficiently close, there exists no pure strategy equilibrium, and we characterise the unique mixed strategy equilibrium. Otherwise, the unique equilibrium is in pure strategies. The amount of experimentation performed in equilibrium is inefficiently low but, for many priors, higher than if successes are publicly observed. 相似文献
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A two-period model in which a monopolist endeavors to learn about the permanent demand parameter of a specific repeat buyer
is investigated. The buyer may strategically reject the seller’s first-period offer for one of two reasons. First, in order
to conceal information (i.e., to pool), a high-valuation buyer may reject high prices that would never be accepted by a low-valuation
buyer. Second, in order to reveal information (i.e., to signal), a low-valuation buyer may reject low prices that would always
be accepted by a high-valuation buyer. Given this, the seller often finds it optimal to post prices that reveal no useful
information. Indeed, in the equilibrium where there is no signaling, the seller never charges an informative first-period
price. Learning may occur in the equilibrium where there is maximal signaling, but the scope for learning is quite limited
even in this case. Indeed, in order to preempt information transmission through signaling, the seller may be induced to set
a first-period price strictly below the buyer’s lowest possible valuation.
相似文献
39.
Business Model Innovation for Sustainability: Towards a Unified Perspective for Creation of Sustainable Business Models
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Steve Evans Doroteya Vladimirova Maria Holgado Kirsten Van Fossen Miying Yang Elisabete A. Silva Claire Y. Barlow 《Business Strategy and the Environment》2017,26(5):597-608
Business model innovation has seen a recent surge in academic research and business practice. Changes to business models are recognized as a fundamental approach to realize innovations for sustainability. However, little is known about the successful adoption of sustainable business models (SBMs). The purpose of this paper is to develop a unified theoretical perspective for understanding business model innovations that lead to better organizational economic, environmental and social performance. The paper examines bodies of literature on business model innovation, sustainability innovation, networks theory, stakeholder theory and product–service systems. We develop five propositions that support the creation of SBMs in a unified perspective, which lays a foundation to support organizations in investigating and experimenting with alternative new business models. This article contributes to the emerging field of SBMs, which embed economic, environmental and social flows of value that are created, delivered and captured in a value network. It highlights gaps for addressing the challenges of business model innovation for sustainability and suggests avenues for future research. © 2017 The Authors. Business Strategy and the Environment published by ERP Environment and John Wiley & Sons Ltd 相似文献
40.
On the incentives to experiment in federations 总被引:1,自引:0,他引:1
Conventional wisdom has it that policy innovation is better promoted in a federal rather than in a unitary system. Recent research, however, has provided theoretical evidence to the contrary: a multi-jurisdictional system is characterized—due to the existence of a horizontal information externality—by under-provision of policy innovation. This paper presents a simple model that introduces political competition for federal office and emphasizes that such competition plays an important role in shaping the incentives for experimentation. For, in this case, political actors use the innovative policies to signal ability to the electorate. This effect may offset the effect that arises from the incentive to free ride, and so a federal system may generate more innovation than a unitary one. 相似文献