Lien Zoom.

We study investment and pricing in shared infrastructure under revenue uncertainty, congestion, and risk aversion. We consider a Stackelberg game in which an infrastructure provider determines infrastructure capacity and access price, while several firms share the infrastructure and make resource commitments through take-or-pay contracts. We establish the existence of a Stackelberg equilibrium and derive probabilistic guarantees on the probability that firms realize positive profits at equilibrium. Numerical experiments reveal that greater risk aversion improves firms' profitability guarantees but reduces the infrastructure provider's profit. (with Andrea Araldo, Tamer Basar, and Tijani Chahed)