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The different consumption functions of products and product differentiation

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Author Info
Waka Cheung
Yew-Kwang Ng

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Abstract

This paper develops a monopolistic competition model to study the characteristics of products, such as quality improvement and product diversity (function-specialization and individualization), and the division of labor in production. Different from the ordinary economic model, our utility function includes these characteristics and reveals economies of function-specialization and individualization. Moreover, our production function includes these characteristics and reveals economies of vertical specialization and function-specialization. Through comparative static analysis, we find the optimal characteristics and their correlations with population, transaction costs, management efficiency and production technology, etc.

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File URL: http://repec.org/esAUSM04/up.435.1078123768.pdf
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Publisher Info
Paper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 318.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:ausm04:318

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Related research
Keywords: product diversity; quality; theory of the firm; division of labor; monopolistic competition;

Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection

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  1. Gupta, Abhay, 2006. "Technological Progress on Consumption side: Consolidation and Prevalence of Complements," MPRA Paper 8998, University Library of Munich, Germany. [Downloadable!]
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