Monopolistic Competition with Endogenous Specialization
AbstractIn the model of monopolistic competition on the circle, a product is identified by a single locational characteristic representing its brand or variety. The ability of a variety to compete with other varieties a given distance away (its specialization as quantified by transportation losses) is exogenously given in the standard model. Here, specialization is a choice variable selected by the firm. An equilibrium is derived, where the degree of specialization is endogenously determined. The effect of endogenizing specialization makes the Hotelling-Lancaster-Chamberlin model of monopolistic competition isomorphic to the Dixit-Stiglitz-Ethier formulation, without sacrificing the appealing concept of product 'distance.' Copyright 1994 by The Review of Economic Studies Limited.
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Volume (Year): 61 (1994)
Issue (Month): 1 (January)
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