university of rochesterrcer.econ.rochester.edu/rcerpapers/rcer_263.pdf · a theory of stopping time...
TRANSCRIPT
![Page 1: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/1.jpg)
A Theory of Stopping Time Games with Applications to Product Innovations and
Asset Sales
Dutta, Prajit K. and Aldo Rustichini
Working Paper No. 263
January 1991
University of
Rochester
![Page 2: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/2.jpg)
![Page 3: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/3.jpg)
![Page 4: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/4.jpg)
![Page 5: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/5.jpg)
![Page 6: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/6.jpg)
![Page 7: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/7.jpg)
![Page 8: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/8.jpg)
![Page 9: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/9.jpg)
![Page 10: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/10.jpg)
![Page 11: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/11.jpg)
![Page 12: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/12.jpg)
![Page 13: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/13.jpg)
![Page 14: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/14.jpg)
![Page 15: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/15.jpg)
![Page 16: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/16.jpg)
![Page 17: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/17.jpg)
![Page 18: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/18.jpg)
![Page 19: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/19.jpg)
![Page 20: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/20.jpg)
![Page 21: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/21.jpg)
![Page 22: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/22.jpg)
![Page 23: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/23.jpg)
![Page 24: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/24.jpg)
![Page 25: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/25.jpg)
![Page 26: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/26.jpg)
![Page 27: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/27.jpg)
![Page 28: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/28.jpg)
![Page 29: University of Rochesterrcer.econ.rochester.edu/RCERPAPERS/rcer_263.pdf · A Theory of Stopping Time Games with Applications to Product Innovations and Asset Sales Dutta, Prajit K](https://reader036.vdocuments.net/reader036/viewer/2022071019/5fd3596d0bd6617d7120f099/html5/thumbnails/29.jpg)