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Discussion of Aradillas-Lopez and Tamer

To illustrate the power and ease of Aradillas-Lopez and Tamer’s approach, I will estimate a simple entry model in the spirit of Bresnahan and Reiss (1991) using only the restrictions that players use rationalizable strategies, on data from the ready-mix concrete industry. While this empirical exercise is fairly stripped down, it can be adapted for greater realism, such as allowing for different types of entrants, or correlation in the unobserved component of firm profits. In the second section, I discuss the realism of Nash Equilibrium in applied work.