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Endogenous local interaction and multi-product firms

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  • Bauke Visser

    ()
    (Shell Services International BV, Postbox 162, NL-2501 AN The Hague, The Netherlands)

Abstract

Multi-product firms are modelled as locally interacting entities that gather information on the profitability of product combinations in an environment defined in terms of their currently supplied markets. They learn from their own past play. Local information gathering may slow down convergence and may prohibit profit rates from becoming equal. Cycles show parts of the economy that are in rest, while others remain in a state of flux. The first two results stem from the endogeneity of the interaction structure, while the third follows from the interplay of learning and information gathering.

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Bibliographic Info

Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 9 (1999)
Issue (Month): 2 ()
Pages: 243-263

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Handle: RePEc:spr:joevec:v:9:y:1999:i:2:p:243-263

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Keywords: Multi-product firms ; Diversification ; Information gathering ; Learning;

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  1. Ellison, Glenn & Fudenberg, Drew, 1993. "Rules of Thumb for Social Learning," Scholarly Articles 3196332, Harvard University Department of Economics.
  2. Wolinsky, Asher, 1986. "The Nature of Competition and the Scope of Firms," Journal of Industrial Economics, Wiley Blackwell, vol. 34(3), pages 247-59, March.
  3. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September.
  4. Milgrom, Paul & Roberts, John, 1982. "Limit Pricing and Entry under Incomplete Information: An Equilibrium Analysis," Econometrica, Econometric Society, vol. 50(2), pages 443-59, March.
  5. Blume Lawrence E., 1993. "The Statistical Mechanics of Strategic Interaction," Games and Economic Behavior, Elsevier, vol. 5(3), pages 387-424, July.
  6. Avner Shaked & John Sutton, 1990. "Multiproduct Firms and Market Structure," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 45-62, Spring.
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