    \begin{axis}[width=4.5in,height=2.5in,
        title=First Entrant's Value Function,
        name=v1,
        ylabel={},
        axis x line=bottom,
        every outer x axis line/.append style={-,color=gray,line width=0.75pt},
        axis y line=left,
        every outer y axis line/.append style={-,color=gray,line width=0.75pt},
        xtick={\pencilChat,\pencilCunderbarOne,\pencilCoverbarOne,\pencilCcheck},
        xticklabels={$ $,\raisebox{-2.3mm}{$\underline{C}_1$},$\overline{C}_1$, $ $},
        ytick={0,\pencilPhiOne,\pencilVOneOneCoverbarTwo},
        yticklabels={$0$,\makebox[0pt][r]{$\varphi(1)$},$ $},
        major tick length=2.5mm,
        every tick/.append style={line width=0.75pt},
        ymin=0,
        ymax=\pencilVOneOneCoverbarTwo,
        xmin=\pencilChat,
        xmax=\pencilCcheck,
        scaled ticks=false,
        scaled ticks=false,
        /pgf/number format/precision=2,
        /pgf/number format/set thousands separator={}]
        %Legend

        %Cost of entry
        \draw[color=gray,line width=0.75pt,dashed] (axis cs:\pencilChat,\pencilPhiOne) -- (axis cs:\pencilCcheck,\pencilPhiOne);
        %The monopoly value function branch
        \draw[color=black,line width=0.75pt] (axis cs: \pencilChat,0) -- (axis cs: \pencilCunderbarOne,0) coordinate (monopolyMin) -- (axis cs:
        \pencilCoverbarTwo,\pencilVOneOneCoverbarTwo) coordinate (monopolyMax);
        %The duopoly value function branch
        \draw[color=black!50,line width=0.75pt] (axis cs: \pencilCunderbarTwo,\pencilVOneTwoCunderbarTwo) coordinate (duopolyMin) -- (axis cs:
        \pencilCcheck,\pencilVOneTwoCcheck) coordinate (duopolyMax);



        %Draw the gray transition arrow denoting a second firm's entry.
        \path(axis cs:\pencilCoverbarTwo,0) coordinate (Xaxis1);
        \path(intersection cs:
            first line={(duopolyMin)--(duopolyMax)},
            second line={(monopolyMax) -- (Xaxis1)}) coordinate
            (duopolyEntry);
        \path(duopolyEntry) ++ (0,5pt) coordinate(duopolyTarget); %Nudge the arrow tip up.

        \draw[-stealth,dashed,line width=0.5pt,color=gray] (monopolyMax) -- (duopolyTarget);

        %Draw the gray transition arrow denoting a second firm's exit.
        \path(axis cs:\pencilCunderbarTwo,0) coordinate (Xaxis2);
        \path(intersection cs:
            first line={(monopolyMin)--(monopolyMax)},
            second line={(duopolyMin)--(Xaxis2)}) coordinate (monopolyExit);
        \path(monopolyExit) ++ (0,-5pt) coordinate (monopolyTarget); %Nudge the arrow tip down.
        \draw[-stealth,dashed,line width=0.5pt,color=gray] (duopolyMin) -- (monopolyTarget);

        %Legend (Monopoly branch entry)
        %Calculate starting and ending points for legend entries.
        \pgfmathsetmacro{\legendyOne}{0.8*\pencilVOneOneCoverbarTwo}
        \pgfmathsetmacro{\legendxOne}{0.5*\pencilCunderbarOne}
        \path(axis cs: \legendxOne,\legendyOne) coordinate (legendStartMonopoly);
        %\node[circle,draw,minimum size=4pt,red] at (legendStartMonopoly) {Here};

        \pgfmathsetmacro{\legendxTwo}{\pencilCunderbarOne}
        \pgfmathsetmacro{\legendyTwo}{\legendyOne+\pencilPiOne*\pencilCunderbarOne*0.5}
        \path(axis cs: \legendxTwo,\legendyTwo) coordinate(legendStopMonopoly);
        %\node[circle,draw,minimum size=4pt,blue] at (legendStopMonopoly) {There};

        \pgfmathsetmacro{\legendxThree}{1.75*\pencilCunderbarOne}
        \pgfmathsetmacro{\legendyThree}{\legendyOne+\pencilPiOne*\pencilCunderbarOne*0.25}
        \path(axis cs: \legendxThree,\legendyThree) coordinate (legendTextMonopoly);
        %\node[circle,draw,minimum size=4pt,orange] at (legendTextMonopoly) {Everywhere};

        \draw[color=black,line width=0.75pt] (legendStartMonopoly) -- (legendStopMonopoly) (legendTextMonopoly) node{Monopoly Branch};

        %Legend (Duopoly branch entry)
        \path(legendStartMonopoly) ++(0,-0.5cm) coordinate (legendStartDuopoly);
        \path(legendStopMonopoly) ++(0,-0.5cm) coordinate (legendStopDuopoly);
        \path(legendTextMonopoly) ++(0,-0.5cm) coordinate (legendTextDuopoly);

        \draw[color=black!50,line width=0.75pt] (legendStartDuopoly) -- (legendStopDuopoly) (legendTextDuopoly) node[color=black]{Duopoly Branch};


    \end{axis}

    %Second entrant's value function
        \path(v1.origin) ++(0,-2.50in) coordinate (v2 plot position);
    \begin{axis}[width=4.5in,height=2.5in,
        title=Second Entrant's Value Function,
        name=v2,
        at = {(v2 plot position)},
        anchor={origin},
        ylabel={},
        axis x line=bottom,
        every outer x axis line/.append style={-,color=gray,line width=0.75pt},
        axis y line=left,
        every outer y axis line/.append style={-,color=gray,line width=0.75pt},
        xtick={\pencilChat,\pencilCunderbarTwo,\pencilCoverbarTwo,\pencilCcheck},
                xticklabels={$\hat{C} $,\raisebox{-2.3mm}{$\underline{C}_2$},$\overline{C}_2$, $\check{C} $},
        ytick={0,\pencilPhiTwo,\pencilVOneOneCoverbarTwo},
        yticklabels={$0$,\makebox[0pt][r]{$\varphi(2)$},$ $},
        major tick length=2.5mm,
        every tick/.append style={line width=0.75pt},
        ymin=0,
        ymax=\pencilVOneOneCoverbarTwo,
        xmin=\pencilChat,
        xmax=\pencilCcheck,
        scaled ticks=false,
        /pgf/number format/precision=2,
        /pgf/number format/set thousands separator={}]

        %Cost of entry
        \draw[color=gray,line width=0.75pt,dashed] (axis cs:\pencilChat,\pencilPhiOne) -- (axis cs:\pencilCcheck,\pencilPhiOne);

        %Value function
        \draw[color=black,line width=0.75pt] (axis cs: \pencilChat,0) -- (axis cs: \pencilCunderbarTwo,0) -- (axis cs:
        \pencilCcheck,\pencilVTwoCcheck);


    \end{axis}
