Lifetime Employment and Endogenous Timing in a Mixed Duopoly with Profit-Maximising and Joint-Stock Firms
Keywords:
Endogenous Timing, Profit-Maximising Firm, Joint-Stock Firm, Lifetime Employment, Strategic CommitmentAbstract
This paper investigates endogenous timing in a mixed duopoly consisting of a proft-maximising frm and a joint-stock frm. There are two stages and the frms simultaneously and independently announce in which stage they will offer lifetime employment as a strategic commitment. If both frms decide to offer lifetime employment in the same stage, a simultaneous commitment game occurs, whereas if both frms choose different stages, a sequential commitment game arises. At the end of the game, each firm simultaneously and independently chooses its actual output. The paper presents the equilibrium of the endogenous-timing mixed duopoly model.
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