Spatial Competition and the Core

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Spatial Competition and the Core

Author Info

Jonathan H. Hamilton
W. Bentley MacLeod

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Abstract

Models of spatial competition have proven useful in describing differentiated product markets. A serious problem is the nonexistence of Nash equilibria. This problem is resolved by modelling the price formation process using the core. The equilibrium is the outcome of a two-stage process. In the first stage, two firms choose locations simultaneously. The second stage has prices determined by an allocation in the core of a cooperative subgame allowing for coalitions of buyers and sellers. These prices approach the competitive level as the distance between the firms goes to zero, thus capturing the essence of duopoly rivalry.

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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number 704.

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Length: 25 pages
Date of creation: 1987
Date of revision:
Handle: RePEc:qed:wpaper:704

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Article
- Hamilton, Jonathan H & MacLeod, W Bentley & Thisse, Jacques-Francois, 1991. "Spatial Competition and the Core," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 925-37, August. [Downloadable!] (restricted)
Paper
- Hamilton, J.H. & Macleod, W.B. & Thisse, J-F., 1988. "Spacial Competition And The Core," UFAE and IAE Working Papers 110-89, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Hamilton, J.H. & Macleod, W.P. & Thisse, J.F., 1988. "Spatial Competition And The Core," Papers 88-6, Florida - College of Business Administration.

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Raalte, C.L.J.P. van & Webers, H.M., 1995. "Spatial Competition with Intermediated Matching," Research Memorandum 702, Tilburg University, Faculty of Economics and Business Administration. [Downloadable!]
F. William McElroy, 1997. "Alternatives to the U.S. Antitrust Agency Approach to Market Definition," Industrial Organization 9706003, EconWPA. [Downloadable!]
Brueckner, Jan & Thisse, Jacques-François & Zenou, Yves, 2000. "Local Labour Markets, Job Matching and Urban Location," CEPR Discussion Papers 2612, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Jan K. Brueckner & Jacques-FranÁois Thisse & Yves Zenou, 2002. "Local Labor Markets, Job Matching, and Urban Location," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 155-171, February. [Downloadable!] (restricted)
Webers, H., 1995. "The Generalized Circular Model," Research Memorandum 685, Tilburg University, Faculty of Economics and Business Administration. [Downloadable!]
Jonathan Hamilton & Steven Slutsky, 2003. "Nonlinear Price Discrimination with a Finite Number of Consumers and Constrained Recontracting," Levine's Bibliography 234936000000000074, UCLA Department of Economics. [Downloadable!]
Other versions:
- Hamilton, Jonathan & Slutsky, Steven, 2004. "Nonlinear price discrimination with a finite number of consumers and constrained recontracting," International Journal of Industrial Organization, Elsevier, vol. 22(6), pages 737-757, June. [Downloadable!] (restricted)
Marcus Berliant & Yves Zenou, 2004. "Labor Differentiation and Agglomeration in General Equilibrium," Urban/Regional 0408003, EconWPA. [Downloadable!]
Henrik Orzen & Martin Sefton, 2006. "An Experiment on Spatial Price Competition," Discussion Papers 2006-14, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
Other versions:
- Orzen, Henrik & Sefton, Martin, 2008. "An experiment on spatial price competition," International Journal of Industrial Organization, Elsevier, vol. 26(3), pages 716-729, May. [Downloadable!] (restricted)
Reisinger, Markus, 2004. "Two-Sided Markets with Negative Externalities," Discussion Papers in Economics 478, University of Munich, Department of Economics. [Downloadable!]
Darlene C. Chisholm & George Norman, 2002. "Spatial Competition and Demand: An Application to Motion Pictures," Discussion Papers Series, Department of Economics, Tufts University 0216, Department of Economics, Tufts University. [Downloadable!]
A. de Palma & C. Fontan & O. Mekkaoui, 2000. "Trip Timing for Public Transportation : An Empirical Application," THEMA Working Papers 2000-19, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
Marcel Boyer & Jean-Jacques Laffont & Philippe Mahenc & Michel Moreaux, 1994. "Sequential Location Equilibria Under Incomplete Information," CIRANO Working Papers 94s-20, CIRANO. [Downloadable!]
Other versions:
- Boyer, M. & Laffont, J.J. & Mahenc, P. & Moreau, M., 1994. "Sequential Location Equilibria Under Incomplete Information," Cahiers de recherche 9426, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- BOYER, Marcel & LAFFONT, Jean-Jacques & MAHENC, Philippe & MOREAUX, Michel, 1991. "Sequential Location Equilibria under Incomplete Information," IDEI Working Papers 6, Institut d'Économie Industrielle (IDEI), Toulouse, revised Nov 1994.
- Boyer, M. & Laffont, J.J. & Mahenc, P., 1994. "Sequential Location Equilibria Under Incomplete Information," Cahiers de recherche 9426, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
- Boyer, Marcel, et al, 1995. "Sequential Location Equilibria under Incomplete Information," Economic Theory, Springer, vol. 6(2), pages 323-50, July.
F. William McElroy, 1996. "Alternatives to the U.S. Antitrust Agency Approach to Market Definition," Law and Economics 9606001, EconWPA. [Downloadable!]
Reynald-Alexandre Laurent, 2006. "Differentiated duopoly with "Elimination by Aspects"," PSE Working Papers 2006-17, PSE (Ecole normale supérieure). [Downloadable!]
Giulio Bottazzi & Giovanni Dosi & Giorgio Fagiolo, 2001. "On the Ubiquitous Nature of the Agglomeration Economies and their Diverse Determinants: Some Notes," LEM Papers Series 2001/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
Richard S. Higgins, 1999. "A geometric treatment of discriminatory pricing among spatially competitive suppliers, with antitrust applications," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(8), pages 437-445.
Maureen Kilkenny, 1995. "Transport Costs and Rural Development," Center for Agricultural and Rural Development (CARD) Publications 95-wp133, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
Other versions:
- Kilkenny, Maureen, 1998. "Transport Costs and Rural Development," Staff General Research Papers 1185, Iowa State University, Department of Economics.
- Kilkenny, Maureen, 2003. "Transport Costs and Rural Development," Staff General Research Papers 10309, Iowa State University, Department of Economics.

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