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Selection Processes in a Monopolistic Competition Market

In: Artificial Economics

Author

Listed:
  • Jose I. Santos

    (University of Burgos and INSISOC)

  • Ricardo del Olmo

    (University of Burgos and INSISOC)

  • Javier Pajares

    (University of Valladolid and INSISOC)

Abstract

In this paper, we extend the traditional evolutionary model of homogeneous product market by incorporating a particular abstraction of imperfect monopolistic competition borrowed from Dixit and Stiglitz. Specifically, we analyze a formal model of an industry in which a set of heterogeneous firms produce differentiated products; consumers have a preference for variety, and therefore firms enjoy an imperfect monopolistic position in the market. We explore the system dynamics, focusing on how selection processes operate depending on the monopolistic intensity of the market and the heterogeneity of firms.

Suggested Citation

  • Jose I. Santos & Ricardo del Olmo & Javier Pajares, 2009. "Selection Processes in a Monopolistic Competition Market," Lecture Notes in Economics and Mathematical Systems, in: Cesáreo Hernández & Marta Posada & Adolfo López-Paredes (ed.), Artificial Economics, chapter 0, pages 67-77, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-02956-1_6
    DOI: 10.1007/978-3-642-02956-1_6
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