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Multi-dimensional Product Differentiation and Price Competition

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Author Info
Caplin, Andrew S
Nalebuff, Barry J

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Abstract

The authors present a framework for analyzi ng the design and pricingof differentiated products. Their approach has two nov el features. Individuals have Cobb-Douglas preferences over multidimensional pro duct characteristics. The distribution of Cobb-Douglas parameters across society is concave: this implies that there is general agreement about which characteri stic mix is most desirable. With these assumptions the authors demonstrate exist ence of a pure strategy price equilibrium for arbitrary pairs of products in two dimensions and also show how raising the dimensionality of the product space pr ovides an advantage to a late entrant in a price- regulated duopoly. Copyright 1986 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 38 (1986)
Issue (Month): 0 (Suppl. Nov.)
Pages: 129-45
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Handle: RePEc:oup:oxecpp:v:38:y:1986:i:0:p:129-45

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  1. Marcella Scrimitore, 2003. "Symmetric and Asymmetric Equilibria in a Spatial Duopoly," ERSA conference papers ersa03p194, European Regional Science Association. [Downloadable!]
  2. Andrew Caplin & Barry Nalebuff, 1990. "Aggregation and Imperfect Competition: On the Existence of Equilibrium," Cowles Foundation Discussion Papers 937, Cowles Foundation, Yale University. [Downloadable!]
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