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Different types of MPE are characterized distinguishing between <jats:italic>delay equilibria<\/jats:italic>, inducing for some initial conditions mode switches after a positive finite delay, and <jats:italic>now or never equilibria<\/jats:italic>, under which, depending on the initial condition, a mode switch occurs immediately or never. These results are applied to analyze the MPE of a game capturing the dynamic interaction between two incumbent firms among which one has to decide when to extend its product range by introducing a new product. The market appeal of the new product can be influenced over time by both firms through costly investments. Under a wide range of market introduction costs a now or never equilibrium coexists with a continuum of delay equilibria, each of them inducing a different time of product introduction.<\/jats:p>","DOI":"10.1007\/s13235-021-00408-w","type":"journal-article","created":{"date-parts":[[2021,12,7]],"date-time":"2021-12-07T22:02:22Z","timestamp":1638914542000},"page":"363-393","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Markov Perfect Equilibria in Multi-Mode Differential Games with Endogenous Timing of Mode Transitions"],"prefix":"10.1007","volume":"12","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8536-9960","authenticated-orcid":false,"given":"Herbert","family":"Dawid","sequence":"first","affiliation":[]},{"given":"Serhat","family":"Gezer","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2021,12,7]]},"reference":[{"key":"408_CR1","doi-asserted-by":"publisher","first-page":"543","DOI":"10.1016\/j.ejor.2016.06.027","volume":"256","author":"M Chronopoulos","year":"2017","unstructured":"Chronopoulos M, Lumbreras S (2017) Optimal regime switching under risk aversion and uncertainty. 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