Document Type

Article

Publication Date

1-1-2010

Publication Title

Economics Bulletin

Volume

30

Issue Number

4

First Page

2680

Last Page

2684

Abstract

In their chapter in Dynamic Competition and Public Policy (2001, Cambridge University Press), Burtis and Kobayashi never defined their model's discount rate, making replicating their simulation results difficult. Through our own simulations, we were able to verify their results when using a discount rate of 0.10. We also identified two new types of equilibria that the authors overlooked, doubling the number of distinct equilibria in the model.

Comments

This article was published in Economics Bulletin, volume 30, issue 4, and can also be found online at this link.

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