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The Characteristics Model, Hedonic Prices, and the Clientele Effect

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  • Jones, Larry E

Abstract

In this paper, the characteristics model of Kelvin Lancaster is reconsidered. It is shown by example that equili brium prices need not be linearly decomposable. It does follow that e quilibrium prices must be a convex function of characteristics, howev er. Further, it is shown that this fact holds independent of the form of firm competition (e.g., perfect or monopolistic). Finally, the pr edictions of the theory are discussed in the context of two empirical examples. Copyright 1988 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 96 (1988)
Issue (Month): 3 (June)
Pages: 551-67

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Handle: RePEc:ucp:jpolec:v:96:y:1988:i:3:p:551-67

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Cited by:
  1. Munger, Michael C., 2011. "Persuasion, psychology and public choice," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 290-300.
  2. Feenstra, R.C. & Levinsohn, J.A., 1989. "Distance, Demand And Oligopoly Pricing," Papers 342, California Davis - Institute of Governmental Affairs.
  3. Feenstra, R.C., 1995. "Exact Hedonic Price Indexes," Papers 95-11, California Davis - Institute of Governmental Affairs.
  4. Beckhusen, Julia & Mullen, Jeffrey D., 2006. "A Modern Application of Hedonics for Valuing Irrigation," 2006 Annual meeting, July 23-26, Long Beach, CA 21189, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Engl, Greg & Scotchmer, Suzanne, 1996. "The core and the hedonic core: Equivalence and comparative statics," Journal of Mathematical Economics, Elsevier, vol. 26(2), pages 209-248.
  6. Arguea, Nestor M. & Hsiao, Cheng, 2000. "Market Values of Environmental Amenities: A Latent Variable Approach," Journal of Housing Economics, Elsevier, vol. 9(1-2), pages 104-126, March.
  7. Cox, Larry A. & Gustavson, Sandra G., 1995. "The market pricing of disability income insurance for individuals," Financial Services Review, Elsevier, vol. 4(2), pages 109-122.

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