<
+
=
+ = δ ∗+ + ( δ)
δ+
δ=
δ
=�
/�γ
�+
�/��
+ γ
δ +
+ δ+
γ γ
γγ
γ
= (− / )
∗ =� ��
/ ( )�/� �
+δ +
γ+
= =
γ =
0 100 200 300 400 500 600 700 800 900 10000
10
20
30
40
50
60
70
80
90
t
Incumbents
50 100 150
γ = δ== =
==
= − <
δ γ
δ\ γ
δ ≥ γ =
1 810.25
0.3
0.35
0.4
0.45
0.5
0.55
1 810
5
15
25
qCosts
Firms
γ = δ= =
=γ =
>
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