Abstract
This paper examines the strategic investment timing problem in the case of three firms with di fferent cost structures. We extend the strategic investment timing problem by allowing the number of asymmetric firms to range from two to three. Surprisingly, we show that the firm with the lowest cost structure is not always the first investor in the investment timing problem with three asymmetric firms. The mechanism of strategies in the case with three asymmetric firms is quite di fferent from that with two asymmetric firms.
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