Access regulation and the transition from copper to fiber networks in telecoms

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(1)RSCAS 2013/52 Robert Schuman Centre for Advanced Studies Florence School of Regulation. Access regulation and the transition from copper to fiber networks in telecoms. Marc Bourreau, Carlo Cambini, Pınar Doğan.

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(3) European University Institute Robert Schuman Centre for Advanced Studies Florence School of Regulation. Access regulation and the transition from copper to fiber networks in telecoms. Marc Bourreau, Carlo Cambini, Pınar Doğan. EUI Working Paper RSCAS 2013/52.

(4) This text may be downloaded only for personal research purposes. Additional reproduction for other purposes, whether in hard copies or electronically, requires the consent of the author(s), editor(s). If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the working paper, or other series, the year and the publisher.. ISSN 1028-3625. © Marc Bourreau, Carlo Cambini, Pınar Doğan, 2013 Printed in Italy, July 2013 European University Institute Badia Fiesolana I – 50014 San Domenico di Fiesole (FI) Italy www.eui.eu/RSCAS/Publications/ www.eui.eu cadmus.eui.eu.

(5) Robert Schuman Centre for Advanced Studies The Robert Schuman Centre for Advanced Studies (RSCAS), created in 1992 and directed by Stefano Bartolini since September 2006, aims to develop inter-disciplinary and comparative research and to promote work on the major issues facing the process of integration and European society. The Centre is home to a large post-doctoral programme and hosts major research programmes and projects, and a range of working groups and ad hoc initiatives. The research agenda is organised around a set of core themes and is continuously evolving, reflecting the changing agenda of European integration and the expanding membership of the European Union. Details of the research of the Centre can be found on: http://www.eui.eu/RSCAS/Research/ Research publications take the form of Working Papers, Policy Papers, Distinguished Lectures and books. Most of these are also available on the RSCAS website: http://www.eui.eu/RSCAS/Publications/ The EUI and the RSCAS are not responsible for the opinion expressed by the author(s). Florence School of Regulation The Florence School of Regulation (FSR) is a partnership between the Robert Schuman Centre for Advanced Studies (RSCAS) at the European University Institute (EUI), the Council of the European Energy Regulators (CEER) and the Independent Regulators Group (IRG). Moreover, as part of the EUI, the FSR works closely with the European Commission. The objectives of the FSR are to promote informed discussions on key policy issues, through workshops and seminars, to provide state-of-the-art training for practitioners (from European Commission, National Regulators and private companies), to produce analytical and empirical researches about regulated sectors, to network, and to exchange documents and ideas. At present, its scope is focused on the regulation of Energy (electricity and gas markets), of Communications & Media, and of Transport. This series of working papers aims at disseminating the work of scholars and practitioners on current regulatory issues. For further information Florence School of Regulation Robert Schuman Centre for Advanced Studies European University Institute Via Boccaccio, 151 I-50133 Firenze Tel.: +39 055 4685 751 Fax: +39 055 4685 755 E-mail: fsr@eui.eu http://www.eui.eu/RSCAS/ProfessionalDevelopment/FSR/.

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

(111) =B &9AA5 . ,99 5@GC <F=GHC8CI@CI 5B8 /@5<CIG

(112)

(113) F5B85@@ 9H 5@

(114)

(115) 0=@@=;

(116)

(117) 5B8 05J9FA5B 9H 5@

(118)

(119) . <F=GHC8CI@CI 5B8 /@5<CIG

(120)

(121) 5B5@MN9 H<9 =AD57H C: IB6IB8@=B; F5H9G =B 5 G=AI@5H98 7CBH9LH K=H< 5 A=L C: :57=@=H=9G 5B8 G9FJ=79G 7CAD9H=H=CB 5B8 OB8 H<5H =B7F95G=B; H<9 5779GG F5H9G DFCACH9G =BJ9GHA9BH 6M 6CH< <=GHCF=7 CD9F5HCFG 5B8 9BHF5BHG #B 5 G=A=@5F J9=B IG=B; 85H5 CB IFCD95B 7CIBHF=9G :FCA

(122)

(123) HC

(124)

(125) F5B85@@ 9H 5@

(126)

(127) OB8 H<5H 5779GG DF=79G H<5H 5F9 HCC @CK 8C BCH 9B7CIF5;9 B9K 9BHF5BHG HC 6I=@8 H<9=F CKB :57=@=H=9G 5:H9F ;5=B=B; A5F?9H 9LD9F=9B79 0=@@=;

(128)

(129) OB8G H<5H 5 GA5@@ F98I7H=CB =B IB6IB8@98 B9HKCF? 9@9A9BHG F5H9G =B8I79G 5 ACF9 H<5B DFCDCFH=CB5@ =B7F95G9 =B H<9 <=GHCF=7 CD9F5HCFQG =BJ9GHA9BH HC 05J9FA5B 9H 5@.

(130)

(131) 9L5A=B9 H<9 =AD57H C: @C75@ @CCD IB6IB8@=B; DF=79G CB 5@H9FB5H=J9 =B:F5GHFI7HIF9GQ A5F?9H G<5F9 5B8 OB8 H<5H 5 F98I7H=CB =B H<9 @C75@ @CCD IB6IB8@=B; DF=79 75IG9G 5 ACF9 H<5B DFCDCFH=CB5@ F98I7H=CB =B H<9 GI6G7F=69FG G<5F9 C: 5@H9FB5H=J9 =B:F5GHFI7HIF9G. . .

(132) #B CIF G9HH=B; 5 EI5@=HM ID;F589 C: H<9 7CDD9F B9HKCF? ;9B9F5H9G H<9 :C@@CK=B; 9W97HG # H<9 56CJ9 A9BH=CB98 F9D@579A9BH 5B8 K<C@9G5@9 F9J9BI9 9W97HG 5F9 =BH9BG=O98 5G 6CH< H<9 =B7IA69BH 5B8 H<9 9BHF5BH A5?9 <=;<9F DFCOHG K=H< H<9 7CDD9F B9HKCF? 5B8 ## H<9 DFCOH56=@=HM C: O69F =G 897F95G98 8I9 HC 5 @CK9F EI5@=HM 58J5BH5;9 C: O69F G9FJ=79G CJ9F 7CDD9F B9HKCF? G9FJ=79G CH< C: H<9G9 9W97HG @958 HC 5 F98I7H=CB C: =BJ9GHA9BH =B79BH=J9G 5B8 <9B79 OFAG =BJ9GH =B @9GG O69F 7CJ9F5;9 K<9B H<9 7CDD9F B9HKCF? =G ID;F5898. FCA 5 DC@=7M D9FGD97H=J9 H<=G F9GI@H GI;;9GHG H<5H H<9 F9;I@5HCF <5G HC HF589 CW 69HK99B GDIFF=B; <=;< GD998 6FC5865B8 G9FJ=79G J=5 5B ID;F589 C: H<9 7CDD9F B9HKCF? CF H<9 89D@CMA9BH C: O69F =B:F5GHFI7HIF9G. . "+$.,%& ( !&8"."*0&0&+* +# +,,". "// ,.& "/. G GHI8=98 =B CIFF95I 9H 5@

(133) K<9B 89H9FA=B=B; H<9 5779GG DF=79 HC H<9 @9;57M B9HKCF? H<9 F9;I@5HCF :579G 5 GH5B85F8 HF589 CW 69HK99B GH5H=7 9V7=9B7M 5B8 =BJ9GHA9BH =B79BH=J9G 6IH 5@GC 5 HF589 CW 69HK99B H<9 GC7=5@ 69B9OHG C: B9HKCF? 9LD5BG=CB 5B8 H<9 GC7=5@ 7CGHG C: 8ID@=75 H=CB G=B;@9 F9;I@5HCFM =BGHFIA9BH = 9 G9HH=B; 5 IB=:CFA 5779GG DF=79 HC H<9 @9;57M B9HKCF? =G =BGIV7=9BH HC CJ9F7CA9 H<9 H9BG=CB 69HK99B H<9UDCH9BH=5@@M 7CBP=7H=B;UH<F99 F9;I@5HCFM C6>97 H=J9G # 57<=9J=B; GH5H=7 9V7=9B7M =B IB7CJ9F98 CF D5FH=5@@M 7CJ9F98 5F95G ## DFCJ=8=B; OFAG K=H< 5DDFCDF=5H9 =BJ9GHA9BH =B79BH=J9G 5B8 ### G9HH=B; F=;<H H<9 :FCBH=9F 69HK99B H<9 5F95G K=H< HKC 7CAD9H=B; O69F =B:F5GHFI7HIF9G 5B8 H<9 5F95G K=H< 5 ACBCDC@M O69F =B:F5GHFI7HIF9 = 9 H<9 5DDFCDF=5H9 @9J9@ C: =B:F5GHFI7HIF9 8ID@=75H=CB. )B9 DCH9BH=5@ GC@IH=CB KCI@8 69 HC 5@@CK H<9 F9;I@5HCF HC G9H 8=W9F9BH 5779GG DF=79G :CF 7CDD9F 89D9B8=B; CB K<9H<9F H<9F9 =G =B:F5GHFI7HIF9 7CAD9H=H=CB 69HK99B 8=W9F9BH H97<BC@C;=75@ 7CDD9F 5B8 O69F B9HKCF?G #B CIF :F5A9KCF? H<=G 8=W9F9BH=5H=CB C: 5779GG DF=79G A5HH9FG CB@M K<9B H<9 . CIFF95I 5A6=B= 5B8 "C9FB=;

(134) 6 GHI8M ;9C;F5D<=75@ 5779GG FI@9G H<5H 5DD@M HC H<9 O69F B9HKCF? K=H<CIH 7CBG=89F=B; 5779GG HC 7CDD9F. .

(135) =B7IA69BH 8CA=B5H9G (!( =BJ9GHA9BHG 5B8 K9 H<9F9:CF9 :C7IG CB H<=G 75G9

(136) &9H 5B8 89BCH9 H<9 5779GG DF=79G :CF H<9 5F95G K=H< BC O69F B9HKCF? = 9 7CBO;IF5H=CB 5B8 K=H< 5 G=B;@9 O69F B9HKCF? = 9 7CBO;IF5H=CB F9GD97H=J9@M -<9 9LDF9GG=CBG :CF GC7=5@ K9@:5F9 =B @C75@ 5F95G 5F9 DFCJ=898 =B DD9B8=L K<9F9 K9 5@GC DFCJ9 H<5H 5B8 -<9 7CJ9F5;9 ;5A9 K=H< 8=W9F9BH=5H98 5779GG DF=79G =G GC@J98 =B DD9B8=L . #B K<5H :C@@CKG K9 OFGH 89H9FA=B9 H<9 @C75@ GC7=5@ CDH=AIA =B H9FAG C: 7CJ9F5;9 5B8 5779GG DF=79G K<9B H<9 =B7IA69BH 8CA=B5H9G O69F =BJ9GHA9BHG 5B8 H<9B GHI8M K<9H<9F H<9 F9;I@5HCF 75B =AD@9A9BH H<9 GC7=5@ CDH=AIA K=H< 8=W9F9BH=5H98 5779GG DF=79G. %" /+ &( +,0&)1) 3%"* 0%" &* 1)"*0 !+)&*0"/ 6". &*2"/0)"*0 OFA 5B8 OFA QG 7CJ9F5;9. . 5779GG DF=79G 5B8 K=H<. 5B8 . . . GGIA9 H<5H. 5F9 G9H 6M H<9 F9;I@5HCF HC;9H<9F K=H< H<9 8=W9F9BH=5H98. . -<9 GI6G7F=DH GH5B8G :CF H<9 K9@:5F9 A5L=A=N=B;. GC@IH=CB -<9 GC7=5@ K9@:5F9 =G ;=J9B 6M. . . . . . . . . . . . . . . . . . GGIA=B; 5B =BH9F=CF GC@IH=CB H<9 @C75@ GC7=5@ CDH=AIA =G H<9B C6H5=B98 K<9B. . . . . . . .

(137). 0<9B H<9 9BHF5BH 8CA=B5H9G (!( =BJ9GHA9BHG =H @95G9G 5779GG HC H<9 7CDD9F B9HKCF? CB@M =B H<9 5F95G K<9F9 H<9 =B7IA69BH 5@GC IG9G H<9 7CDD9F H97<BC@C;M -<9F9 =G H<9F9:CF9 BC FCCA :CF 8=W9F9BH=5H=CB C: H<9 5779GG DF=79 ,99 5@GC DD9B8=L K<9F9 K9 89H9FA=B9 H<9 7CJ9F5;9 9EI=@=6F=IA 5B8 G<CK H<5H K<9B H<9 9BHF5BH 8CA=B5H9G 7CJ9F5;9 89D9B8G CB@M CB H<9 5779GG 7<5F;9 =B IB7CJ9F98 5F95G. 09 :C7IG CB H<9 7CBO;IF5H=CB K<9F9 H<9 =B7IA69BH =BJ9GHG ACF9 =B O69F H<5B H<9 9BHF5BH (CH9 <CK9J9F H<5H H<9 R;@C65@S GC7=5@ CDH=AIA 75B 69 57<=9J98 K=H< 5 7CBO;IF5H=CB K<9F9 H<9 =B7IA69BH 8C9G BCH 8CA=B5H9 (!( =BJ9GHA9BH. .

(138) . . . . . . 5B8 . . . . . . EI5H=CBG 5B8 GH5H9 H<5H H<9 5779GG DF=79G 5B8 G<CI@8 69 G9H GC 5G HC A5L=A=N9 @C75@. K9@:5F9 =B 5F95G C: HMD9 5B8 == F9GD97H=J9@M ,=B79 5B8 5B8 G=B79 K9 <5J9 5GGIA98 DCG=H=J9 5779GG DF=79G H<=G =G 57<=9J98 K<9B 5B8 5779GG. DF=79G 5F9 6CIB898 5H N9FC K<=7< F9DF9G9BHG H<9 A5F;=B5@ 7CGH 8I9 HC CIF BCFA5@=N5H=CB. EI5H=CB GH5H9G H<5H H<9 HCH5@ O69F 7CJ9F5;9. . G<CI@8 69 G9H GI7< H<5H K9@:5F9 =B 5F95G. K=H< 5 G=B;@9 O69F =B:F5GHFI7HIF9 9EI5H9G H<9 7CGH C: 6I=@8=B; H<=G =B:F5GHFI7HIF9 D@IG H<9 CDDCFHIB=HM GC7=5@ 7CGH = 9 @C75@ K9@:5F9 K=H< G9FJ=79 65G98 7CAD9H=H=CB CB 7CDD9F. =B5@@M 9EI5H=CB A95BG H<5H H<9 7CJ9F5;9 C: H<9 GA5@@ B9HKCF?. . G<CI@8 69 G9H GI7<. H<5H H<9 K9@:5F9 ;5=B C: <5J=B; 7CAD9H=H=CB 69HK99B O69F =B:F5GHFI7HIF9G =BGH958 C: 5 G=B;@9 O69F =B:F5GHFI7HIF9 9EI5H9G H<9 7CGH C: 8ID@=75H=B; =B:F5GHFI7HIF9. * !&8"."*0&0"! . "// ,.& "/ %&"2" 0%" /+ &( +,0&)1). 09 BCK 89H9FA=B9. K<9H<9F H<9 F9;I@5HCF 75B =AD@9A9BH H<9 GC7=5@ CDH=AIA 89OB98 56CJ9 K=H< 8=W9F9BH=5H98 57 79GG DF=79G K<9B O69F 7CJ9F5;9 =G 89H9FA=B98 6M H<9 A5F?9H CIH7CA9 #B H<=G 75G9 :CF ;=J9B 5779GG DF=79G 5B8 H<9 GC7=5@ K9@:5F9 =G. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -<9 OFGH 7CADCB9BH =B F9DF9G9BHG H<9 K9@:5F9 =B 5F95G K=H< HKC 7CAD9H=B; O69F =B:F5GHFI7HIF9G. -<9 G97CB8 7CADCB9BH =G H<9 K9@:5F9 =B 5F95G K=H< 5 G=B;@9 =B:F5GHFI7HIF9 5B8 H<9 H<=F8 H9FA H<9 .

(139) K9@:5F9 =B 5F95G K=H< BC O69F =B:F5GHFI7HIF9. -<9 HKC OFGH CF89F 89F=J5H=J9G C: K9@:5F9 K=H< F9GD97H HC 5B8 5F9. . . . . !. . CF . . . . . !. . !. . . . 5B8. . . . ! . . . . . . . . . . !. . !. . . . ! . CF . . . !. . . EI5H=CB G<CKG H<5H H<9 F9;I@5HCF 75B G9H HC 57<=9J9 5 A5L=AIA D9F 5F95 K9@:5F9 =B IB 7CJ9F98 5F95G = 9 5B8 H<9B =H 7CI@8 G9H HC 57<=9J9 5 GC7=5@@M CDH=A5@ ;@C65@ O69F B9HKCF? 7CJ9F5;9 = 9 6M 7<CCG=B; GI7< H<5H . . -<5H. =G H<9 F9;I@5HCF 75B GC@J9 H<9 7CBP=7H 69HK99B GH5H=7 9V7=9B7M =B IB7CJ9F98 5F95G 5B8 =B79BH=J9G HC =BJ9GH =B 5 ACBCDC@M O69F =B:F5GHFI7HIF9 "CK9J9F 5G 9EI5H=CB 7@95F@M G<CKG 6M G9HH=B; GI7< J5@I9G :CF 5B8 H<9 F9;I@5HCF K=@@ BCH 69 56@9 HC A5L=A=N9 GH5H=7 9V7=9B7M =B D5FH=5@@M 7CJ9F98 5F95G H<9 @5GH H9FA C: H<9 9EI5H=CB 5B8 HC G9H H<9 F=;<H =B79BH=J9G HC 8ID@=75H9 5B 9L=GH=B; O69F =B:F5GHFI7HIF9 H<9 OFGH H9FA =B H<9 9EI5H=CBUCF CB@M 6M 7<5B79 -<9F9:CF9 ;9C;F5D<=75@ 8=W9F9BH=5H=CB C: 5779GG DF=79G :5=@G HC F9GC@J9 7CAD@9H9@M H<9 H9BG=CB 69HK99B H<9 H<F99 F9;I@5HCFM C6>97H=J9G 09 75B H<9F9:CF9 GH5H9 H<9 :C@@CK=B; F9GI@H. .+,+/&0&+* "' -" #'.&'- (&#'-, 3+ #'/,-&'-, #4+'-#-#'! -" ())+ ,, . ,99 DD9B8=L :CF H<9 G=;BG C: H<9 8=W9F9BH H9FAG =B 5B8 . 0<9B =G J9FM GA5@@

(140) =G <=;< 5B8 =G GA5@@ 5G H<9F9 =G @=HH@9 =BJ9GHA9BH -<9F9:CF9

(141)

(142) =G @=?9@M HC 69 DCG=H=J9 CBJ9FG9@M K<9B =G <=;<

(143) =G @CK 5B8 =G <=;< -<9F9:CF9

(144)

(145) =G @=?9@M HC 69 B9;5H=J9 ,=B79

(146)

(147) 897F95G9G K=H< =H =G DCGG=6@9 HC OB8 H<9 H<5H A5?9G =H 9EI5@ HC N9FC. . .

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

(149). "// 0+ 6".. #B A5BM IFCD95B 7CIBHF=9G GI7< 5G F5B79 #H5@M !9FA5BM 5B8 ,D5=B 5779GG HC O69F 8I7HG =G A5B85H98 5B8 GI6>97H HC 9L 5BH9 7CBHFC@ #B H<=G G97H=CB K9 H<9F9:CF9 =BHFC8I79 5779GG HC O69F 5B8 5B5@MN9 H<9 =BH9FD@5M 69HK99B H<9 F9;I@5H=CB C: 5779GG HC H<9 7CDD9F B9HKCF? 5B8 HC H<9 O69F B9HKCF? 09 7CBG=89F 5 GMAA9HF=7 F9;I@5H=CB K<9F9 6CH< H<9 =B7IA69BH 5B8 H<9 9BHF5BH 5F9 F9EI=F98 HC DFCJ=89 5779GG HC H<9=F O69F B9HKCF?G 5H 5 F9;I@5H98 DF=79 . )B HCD C: H<9 H<F99 =B8IGHFM 7CBO;IF5H=CBG K9 <5J9 @=GH98 =B CIF 69B7<A5F? 75G9 5 :CIFH<. 7CBO;IF5H=CB =G BCK DCGG=6@9. +/#, (&)-#-#(' 0#-"#' -" 3+ '-0(+$ CH< OFAG IG9 H<9 ,& O69F B9HKCF? HC 7CAD9H9 9D9B8=B; CB H<9 =BJ9GHA9BH 897=G=CBG H<9 B9HKCF? 75B 69 CKB98 6M H<9 =B7IA69BH. . CF H<9 9BHF5BH K<9F96M H<9 CKB9F C: H<9 B9HKCF? DFCJ=89G 5779GG HC H<9 CH<9F OFA 5H DF=79 . ,99 I@@9B #BH9FB5H=CB5@

(150) . 779GG =G F9EI=F98 =B H<9 5F95G K<9F9 5 OFA <C@8G 5 ACBCDC@M =B H<9 (!( CF 9L5AD@9 :CF 5 ;=J9B @C75H=CB K<9F9 H<9 =B7IA69BH <5G (!( 7CJ9F5;9 H<9 =B7IA69BH =G F9EI=F98 HC DFCJ=89 HC 5779GG HC H<9 9BHF5BH CB@M =: H<9 9BHF5BH <5G BC (!( 7CJ9F5;9 =B H<5H 5F95. . .

(151) &9H 5B8 89BCH9 OFA QG DFCOH K<9B =H DFCJ=89G 5779GG HC =HG O69F B9HKCF? HC

(152). OFA

(153) 5B8 OFA QG DFCOH K<9B =H @95G9G 5779GG HC OFA QG O69F B9HKCF? F9GD97H=J9@M 09 OB8 H<5H :CF BCH HCC <=;< 5B8 H<5H #B KCF8G DFCJ=898 H<5H

(154). H<9 5779GG DF=79 C: H<9 O69F =G BCH HCC <=;< H<9 ;FCGG DFCOHG C: H<9 OFA H<5H CKBG H<9 O69F B9HKCF? =B7F95G9 K=H< H<9 5779GG DF=79 K<9F95G H<9 CDDCG=H9 =G HFI9 :CF H<9 OFA H<5H 57EI=F9G 5779GG. 09 5GGIA9 H<5H H<9 5779GG DF=79 :CF O69F =G @CK 9BCI;< GC H<5H H<9 OFA H<5H =BJ9GHG @9GG =B O69F =G 5@K5MG K=@@=B; HC GK=H7< :FCA 7CDD9F HC O69F 5H H<9 K<C@9G5@9 @9J9@ K<=7< K9 F9:9F HC 5G H<9 RK<C@9G5@9 A=;F5H=CB 7CB8=H=CBS. CFA5@@M H<=G =G H<9 75G9 =:

(155) K<9B H<9 . 9BHF5BH 8CA=B5H9G O69F 7CJ9F5;9 5B8 =:

(156) K<9B =H =G H<9 =B7IA69BH H<5H 8CA=B5H9G. CF H<9 F9GH C: H<9 5B5@MG=G K9 5GGIA9 H<5H

(157)

(158) H<5H . =G H<9 F9;I@5H98 5779GG DF=79 HC H<9 O69F B9HKCF? =G BCH HCC <=;< GC H<5H H<9F9 =G 5@K5MG 5779GG HC 5 ACBCDC@M O69F =B:F5GHFI7HIF9 F5H<9F H<5B HC H<9 7CDD9F =B:F5GHFI7HIF9. 09 89H9FA=B9 H<9 9BHF5BHQG 5B8 H<9 =B7IA69BHQG CDH=A5@ =BJ9GHA9BH 897=G=CBG =B DD9B8=L !. 09 BCK OFGH 7<5F57H9F=N9 H<9 GC7=5@@M CDH=A5@ 5779GG DF=79 :CF O69F 5G 5 :IB7H=CB C: H<9 5779GG DF=79 :CF 7CDD9F -<9B K9 8=G7IGG <CK 5 GK=H7< CW C: H<9 7CDD9F B9HKCF? KCI@8 5W97H O69F 9EI=@=6F=IA 7CJ9F5;9.

(159) . + &((5 +,0&)( "// ,.& " 0+ 0%" 6". *"03+.'. 09 5B5@MN9 H<9 F9;I@5HCFQG 7<C=79 C: H<9 5779GG DF=79 :CF O69F 5B8 H<9 F9@5H=CBG<=D 69HK99B H<9 GC7=5@@M CDH=A5@ O69F 5779GG DF=79 5B8 H<9 5779GG DF=79 HC 7CDD9F. #: H<9 =B7IA69BH 8CA=B5H9G O69F 7CJ9F5;9 H<9 9EI=@=6F=IA 7CJ9F5;9 5F9. . ,99 DD9B8=L !. . . 5B8.

(160) . -<9 GC7=5@ K9@:5F9 =G H<9B . . #B DD9B8=L ! K9 G<CK H<5H =B H<=G 75G9 H<9F9 =G 5 DCG=H=J9 F9@5H=CBG<=D 69HK99B H<9 GC7=5@@M CDH=A5@ 5B8 H<9 5779GG DF=79 C: H<9 @9;57M B9HKCF? = 9 =: . . )B H<9 CH<9F <5B8 =: H<9 9BHF5BH =BJ9GHG =B @5F;9F O69F 7CJ9F5;9 H<5B H<9 =B7IA69BH H<9 9EI=@=6F=IA 7CJ9F5;9 5F9. . 5B8. . 5B8 H<9 GC7=5@ K9@:5F9 =G. . 09 OB8 H<5H H<9 F9@5H=CBG<=D 69HK99B 5B8 75B 69 F9J9FG98 H<5H =G K9 75B <5J9 -<9 :C@@CK=B; O;IF9 DFCJ=89G 5B =@@IGHF5H=CB K<9B .

(161).

(162) 5B8. CF @CK J5@I9G C: H<9 7CDD9F 5779GG H<9 =B7IA69BH =BJ9GHG ACF9 =B 9EI=@=6F=IA 5B8. K9 OB8 H<5H H<9 O69F 5779GG DF=79 =B7F95G9G K=H< . CF <=;<9F J5@I9G C: 6IH @CK9F H<5B

(163) =H. =G H<9 9BHF5BH H<5H =BJ9GHG ACF9 5B8 897F95G9G K=H< . . (CH9 H<5H H<=G F9GI@H <C@8G =: H<9 A5F;=B5@ =BJ9GHA9BH 7CGH =G 7CBJ9L 5B8 =H 8C9G BCH B979GG5F=@M <C@8 K<9B H<9 A5F;=B5@ =BJ9GHA9BH 7CGH =G 7CB75J9. -<=G <C@8G K<9B H<9 A5F;=B5@ =BJ9GHA9BH 7CGH =G 7CBJ9L ,99 DD9B8=L ! :CF H<9 :CFA5@ DFCC:G. 0<9B K9 <5J9 5 7CFB9F BCB =BH9F=CF 9EI=@=6F=IA K<9F9 H<9 =B7IA69BH =BJ9GHG ACF9 #B H<=G 75G9 K9 OB8 H<5H OFGH =B7F95G9G H<9B 897F95G9G K=H< . .

(164) a~ w a  0.40. 0.30. 0.20. 0.10. a. 0.00 0. The incumbent invests more. 0.1. 0.2. 0.3. 0.4. The entrant invests more. =; ,C7=5@@M CDH=A5@ O69F 5779GG DF=79 5G 5 :IB7H=CB C: H<9 7CDD9F 5779GG DF=79 -<9 =BHI=H=CB :CF H<=G 8=W9F9B79 69HK99B H<9 75G9G K<9B H<9 =B7IA69BH CF H<9 9BHF5BH 8CA=B5H9G =BJ9GHA9BH =B O69F =G 5G :C@@CKG -<9 7CDD9F B9HKCF? 5779GG DF=79 5W97HG H<9 HF589 CW :CF H<9 F9;I@5HCF 69HK99B G9HH=B; 5 <=;< O69F 5779GG DF=79 K<=7< =B7F95G9G A5F;=B5@@M O69F 7CJ9F5;9 5B8 G9HH=B; 5 @CK O69F B9HKCF? 5779GG DF=79 K<=7< @=A=HG H<9 8958K9=;<H @CGG =B H<9 5F95G K=H< 5 ACBCDC@M O69F =B:F5GHFI7HIF9 "CK H<9 7CDD9F B9HKCF? 5779GG DF=79 5W97HG H<9 F9;I@5HCFQG HF589 CW 69HK99B 5 @CK 5B8 5 <=;< O69F B9HKCF? 5779GG DF=79 89D9B8G CB K<9H<9F =H =G H<9 =B7IA69BH CF H<9 9BHF5BH H<5H CKBG H<9 O69F =B:F5GHFI7HIF9 GI6>97H HC 5779GG. 0<9B H<9 =B7IA69BH CKBG H<9 ACBCDC@M O69F =B:F5GHFI7HIF9 F5=G=B; H<9 5779GG DF=79 HC H<9 7CDD9F B9HKCF? <5G H<F99 9W97HG K<=7< 5@@ ;=J9G 5B =B79BH=J9 HC H<9 F9;I@5HCF HC =B7F95G9 H<9 O69F 5779GG DF=79. =FGH 5 <=;<9F 7CDD9F 5779GG DF=79 F98I79G H<9 G=N9 C: H<9 5F95 K=H< 5 ACBCDC@M. O69F =B:F5GHFI7HIF9 5G =H =BH9BG=O9G H<9 K<C@9G5@9 F9J9BI9 9W97H <9B79 F98I7=B; H<9 =B7IA69BHQG =BJ9GHA9BH =B79BH=J9G -<=G =B HIFB F98I79G H<9 8958K9=;<H @CGG 5GGC7=5H98 HC 5 <=;< O69F 5779GG DF=79 =B H<9 5F95G K=H< H<9 ACBCDC@M O69F B9HKCF?. ,97CB8 5 <=;<9F 7CDD9F 5779GG DF=79 F98I79G K9@:5F9 =B H<9 5F95G BCH 7CJ9F98 6M 5 O69F B9HKCF?. "9B79 H<9 F9;I@5HCF <5G 5B =B79BH=J9 HC 9LD5B8 H<9 5F95G 7CJ9F98 K=H< O69F 5B8 HC F98I79 H<9 .

(165) IB7CJ9F98 5F95G K<9F9 F9H5=@ DF=79G H9B8 HC =B7F95G9 -<=F8 H<9 :FCBH=9F 69HK99B H<9 IB7CJ9F98 5F95G 5B8 H<9 5F95G K=H< 5 ACBCDC@M O69F =B:F5GHFI7HIF9 697CA9G ACF9 G9BG=H=J9 HC H<9 O69F 5779GG DF=79 H<=G 5@GC ;=J9G 5B =B79BH=J9 HC H<9 F9;I@5HCF HC =B7F95G9 H<9 O69F 5779GG DF=79 HC 9B7CIF5;9 =BJ9GHA9BH @@ =B 5@@ K<9B H<9 =B7IA69BH =G H<9 R@9589FS =B H<9 89D@CMA9BH C: O69F H<9 GC7=5@@M CDH=A5@ 5779GG DF=79 HC O69F =G DCG=H=J9@M F9@5H98 HC H<9 7CDD9F 5779GG DF=79. 0<9B H<9 9BHF5BH CKBG H<9 ACBCDC@M O69F =B:F5GHFI7HIF9 5 <=;<9F 7CDD9F 5779GG DF=79 =B7F95G9G H<9 9BHF5BHQG =BJ9GHA9BH =B79BH=J9G 6975IG9 H<9 F9D@579A9BH 9W97H =G GC:H9B98 ,=B79 H<9 G=N9 C: H<9 5F95G K=H< H<9 ACBCDC@M O69F B9HKCF? =B7F95G9G H<9 F9;I@5HCF <5G 5B =B79BH=J9 HC @CK9F H<9 O69F 5779GG DF=79 HC F98I79 H<9 8958K9=;<H @CGG =B H<9G9 5F95G H H<9 G5A9 H=A9 H<9 A5F;=B5@ ;5=B C: FC@@=B; CIH 5 O69F B9HKCF? =B IB7CJ9F98 5F95G 75B 9=H<9F =B7F95G9 CF 897F95G9 K<=7< ;=J9G H<9 =B79BH=J9 HC H<9 F9;I@5HCF HC 9=H<9F =B7F95G9 CF 897F95G9 H<9 O69F 5779GG DF=79. =B5@@M H<9 :FCBH=9F 69HK99B H<9 IB7CJ9F98 5F95G 5B8 H<9 5F95G K=H< 5 ACBCDC@M O69F B9HKCF? 697CA9G @9GG G9BG=H=J9 HC H<9 O69F 5779GG DF=79 K<=7< ;=J9G 5B =B79BH=J9 HC H<9 F9;I@5HCF HC 897F95G9 H<=G DF=79 #B GIA K<9B H<9 7CDD9F 5779GG DF=79 =B7F95G9G H<9 F9;I@5HCF G<CI@8 9=H<9F @CK9F CF =B7F95G9 H<9 O69F 5779GG DF=79 "9B79 H<9 F9@5H=CB 69HK99B H<9 GC7=5@@M CDH=A5@ O69F 5779GG DF=79 5B8 H<9 7CDD9F 5779GG DF=79 75B 69 B9;5H=J9 K<9B H<9 9BHF5BH =G H<9 R@9589FS =B O69F =BJ9GHA9BHG. +),.&*$ !&8"."*0 . "// / %")"/. =B5@@M K9 5B5@MN9 <CK H<9 8=W9F9BH 5779GG G7<9A9G. H<5H K9 <5J9 7CBG=89F98 =B H<=G D5D9F IB=:CFA 5779GG DF=79 8=W9F9BH=5H98 5779GG DF=79G 7CDD9F 5B8 O69F 5779GG DF=79G 7CAD5F9 =B H9FAG C: 9EI=@=6F=IA 7CJ9F5;9 5B8 K9@:5F9 -<9 :C@@CK=B; H56@9 ;=J9G H<9 9EI=@=6F=IA 7CJ9F5;9 5B8 K9@:5F9 :CF H<9 :C@@CK=B; D5F5A9H9F J5@I9G.

(166) . 5B8 :CF J5F=CIG J5@I9G C: H<5H G5H=G:M CIF 5GGIADH=CBG

(167) -<9 H56@9 G<CKG H<5H O69F 7CJ9F5;9 5B8 K9@:5F9 5F9 @CK9F K=H< 5 IB=:CFA 5779GG DF=79 H<5B K=H<.

(168). 09 C6H5=B98 G=A=@5F F9GI@HG K=H< CH<9F J5@I9G :CF (CH9 H<5H D@5MG 5 @=A=H98 FC@9 =B H<9G9 G=AI@5H=CBG =H =G A5=B@M 5 G75@=B; :57HCF :CF H<9 9EI=@=6F=IA =BJ9GHA9BHG.

(169).

(170) 5 ACF9 GCD<=GH=75H98 5779GG G7<9A9 8=W9F9BH=5H98 5779GG DF=79G CF 5779GG HC O69F CB HCD C: 5779GG HC 7CDD9F -<=G =G 6975IG9 K=H< 5 IB=:CFA 5779GG DF=79 H<9 F9;I@5HCF =G J9FM AI7< 7CBGHF5=B98 =B G9HH=B; H<9 IB=:CFA 5779GG DF=79 =H <5G HC 69 @CK 9BCI;< =B H<9 5F95G K=H< 5B =B7IA69BH O69F =B:F5GHFI7HIF9 :CF H<9 9BHF5BH HC <5J9 5 DCG=H=J9 DFCOH =B H<9G9 5F95G -<9 F9;I@5HCF H<9F9:CF9 75BBCH IG9 =H HC GDIF =BJ9GHA9BH -<=G 7CBGHF5=BH =G @=:H98 K<9B H<9F9 =G 5779GG DF=79 8=W9F9BH=5H=CB 9=H<9F ;9C;F5D<=75@ 8=W9F9BH=5H98 5779GG DF=79G CF O69F 5779GG "5J=B; 8=W9F9BH=5H98 5779GG DF=79G DFCJ=89G H<9 F9;I@5HCF K=H< ;F95H9F P9L=6=@=HM =B G9HH=B; H<9 5779GG H9FAG K<=7< =B7F95G9G =BJ9GHA9BH 5B8 K9@:5F9 GI6GH5BH=5@@M. . . . .B=:CFA. =W9F9BH=5H=CB. 779GG HC O69F. 779GG G7<9A9. . . .

(171)

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(180)

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(189). . . . . 779GG G7<9A9. . . .

(190) .

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(203). #B CIF G=AI@5H=CBG H<9 69GH G79B5F=C =B H9FAG C: ;@C65@ 7CJ9F5;9 5B8 K9@:5F9 =G K=H< 5779GG HC O69F. =69F 5779GG HIFBG CIH HC 69 5 ACF9 DCK9F:I@ =BGHFIA9BH H<5B ;9C;F5D<=75@ 8=W9F9BH=5H=CB C: .

(204) 5779GG 6975IG9 H<9 :CFA9F 5779GG G7<9A9 CD9F5H9G 5@GC K<9B H<9 9BHF5BH =BJ9GHG ACF9 =B O69F H<5B H<9 =B7IA69BH. =B5@@M BCH9 H<5H K9 75BBCH <5J9 8=W9F9BH=5H98 5779GG DF=79G HC;9H<9F K=H< O69F 5779GG 0<9B H<9F9 =G 5779GG HC O69F H<9F9 =G BC 5779GG HC H<9 7CDD9F B9HKCF? =B 5B 5F95 K<9F9 H<9 =B7IA69BH <5G =BJ9GH98 =B O69F K<=@9 H<9 9BHF5BH <5G BCH #B H<=G 75G9 =B8998 H<9 9BHF5BH IG9G O69F 5779GG F5H<9F H<5B 7CDD9F 5779GG = 9 A=;F5H=CB H5?9G D@579 5H H<9 K<C@9G5@9 @9J9@.

(205) . 3&0 %&*$ +8 0%" ("$ 5 *"03+.'. ,C :5F K9 <5J9 7CBG=89F98 H<5H H<9 =B7IA69BH 75B 7CBH=BI9 HC DFCJ=89 5779GG HC =HG 7CDD9F B9HKCF? K<=@9 DFCJ=8=B; =HG G9FJ=79G CJ9F 5 <=;<9F EI5@=HM O69F B9HKCF? =B8IGHFM 7CBO;IF5H=CB == #B GCA9 IFCD95B 7CIBHF=9G <CK9J9F GI7< 5G 9@;=IA 5B8 H<9 (9H<9F@5B8G H<9F9 =G 5B CB ;C=B; 8965H9 CB K<9H<9F H<9 =B7IA69BHG H<5H ACJ9 :FCA 7CDD9F HC O69F G<CI@8 69 =ADCG98 HC RGK=H7< CWS H<9=F @9;57M B9HKCF? = 9 HC DFCJ=89 5779GG HC H<9=F <=;<9F EI5@=HM O69F B9HKCF? CB@M. #B CF89F HC GHI8M H<9 9W97H C: GK=H7<=B; CW H<9 7CDD9F B9HKCF? K9 :C7IG CB H<9 75B8=85H9 9EI=@=6F=IA K<9F9 H<9 =B7IA69BH =BJ9GHG ACF9 H<5B H<9 9BHF5BH 5B8 <5G HC DFCJ=89 5779GG HC =HG O69F B9HKCF? =B H<9 5F95G K<9F9 H<9 9BHF5BH <5G BCH FC@@98 CIH 5 O69F B9HKCF? =B8IGHFM 7CBO;IF5H=CB K=H< =B7IA69BHQG 8CA=B5B79 #B CIF G9HH=B; GK=H7<=B; CW H<9 7CDD9F B9HKCF? <5G A5=B@M 5B 9W97H CB H<9 K<C@9G5@9 A=;F5H=CB 7CB8=H=CB K<=7< 697CA9G I9 HC H<9 GK=H7< CW C: H<9 7CDD9F B9HKCF? =: H<9 9BHF5BH 8C9G BCH 57EI=F9 5779GG HC O69F =H 95FBG N9FC DFCOH -<9F9:CF9 5G GK=H7<=B; CW H<9 7CDD9F B9HKCF? :CF79G H<9 A=;F5H=CB 5H H<9 K<C@9G5@9 @9J9@ H<9 F9;I@5HCF <5G ;F95H9F P9L=6=@=HM :CF G9HH=B; H<9 O69F 5779GG DF=79 "CK9J9F H<9 F9GH C: CIF 5B5@MG=G 5DD@=9G 5B8 =B D5FH=7I@5F H<9 F9@5H=CB 69HK99B H<9 GC7=5@@M CDH=A5@ O69F 5779GG DF=79 5B8 H<9 7CDD9F 5779GG DF=79 F9A5=BG H<9 G5A9. . -<9 GK=H7< CW 8C9G BCH C77IF =B H<9 5GMAA9HF=7 9EI=@=6F=IA K<9F9 H<9 9BHF5BH 8CA=B5H9G (!( 7CJ9F5;9 5G H<9 =B7IA69BH 8C9G BCH CKB 5BM ACBCDC@M (!( =B:F5GHFI7HIF9 =B H<=G 75B8=85H9 9EI=@=6F=5. .

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