Monopolistic Competition and Preference Diversity

RAYMOND J. DENECKERE · Michael Rothschild

64 citations0/0 files storedThe Review of Economic Studies

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Consumer Market Behavior and Pricing Merger and Competition Analysis Economic theories and models

Abstract

This paper presents a general model of the demand for differentiated products which has as special cases two popular models used to analyse welfare and competition in monopolistically competitive markets: the model of spatial competition and the symmetric aggregate benefit function approach. Our model is especially attractive because it starts from economic primitives: a specification of the set of possible individual preference patterns. It shows how specific properties of the distribution of preferences translate into properties of aggregate demand. This allows us to understand the relationship between the distribution of preferences and the degree to which the market introduces biases in product selection.

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References

1975MONOPOLISTIC COMPETITION AND OPTIMUM PRODUCT DIVERSITY 1979Monopolistic Competition with Outside Goods 1979On Hotelling's "Stability in Competition"1976Product Selection, Fixed Costs, and Monopolistic Competition 1977Sequential Location among Firms with Foresight 1985Equilibrium with Product Differentiation 1960Strategy and Market Structure 1974Household Production Theory, Quality, and the "Hedonic Technique."

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