Endogenous market structure and the cooperative firm
Economics, Center for Agricultural and Rural Development
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When the threat of entry by followers includes cooperative firms, the maximum fixed cost that a profit maximizing leader can endure is endogenous. The aggressive strategy required for entry-deterrence curtails the leader’s expected profit and can discourage its initial entry. In such circumstances a cooperative firm may yet be viable, despite having a cost handicap and no first-mover advantage
Hueth, Brent and Moschini, Giancarlo, "Endogenous market structure and the cooperative firm" (2014). Economics Publications. 179.